Cairo, Egypt – Egypt is embarking on a significant renewable energy initiative with a commitment of over $60 billion towards green hydrogen and ammonia projects. The New and Renewable Energy Authority (NREA) revealed plans to produce nearly 56 million tonnes of green hydrogen and ammonia annually by 2040, aiming to capture 5-8 percent of the global market share.
This strategic move aligns with Egypt’s long-term renewable energy strategy spanning from 2020 to 2024. The strategy includes a comprehensive set of incentives aimed at attracting investors, such as tax breaks, investment incentives, and customs exemptions.
Foreign interest in Egypt’s renewable energy sector is evident, with contracts already secured with seven international contractors, pledging up to $40 billion in investments over the next decade. This demonstrates confidence in Egypt’s potential as a key player in the global shift towards sustainable energy solutions.
Egypt’s commitment to green hydrogen and ammonia projects underscores its dedication to combating climate change and transitioning towards cleaner energy sources. With strategic investments and supportive policies, Egypt is poised to not only meet its energy needs but also emerge as a significant contributor to the global green energy landscape.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
30th April, 2024
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