CAIRO - 13 March 2024: A recent study issued by the Egyptian Center for Thought and Strategic Studies observed that Egypt sought to develop and exploit its natural resources, and to transform from a country struggling to manage gas import expenses, into an exporting country, and perhaps even to a major influential player in the global gas market.
The study stated that Egypt pays great attention to the energy sector, out of its belief and awareness of its vital and effective role as a primary driver and indicator of economic growth, bearing in mind that the implementation of an integrated and sustainable energy strategy is one of the most important pillars of economic and social development.
The study continued: “Therefore, Egypt’s journey to become a prominent player in the energy field depends on its successful implementation of a set of strategic policies capable of unleashing its enormous potential."
"In contrast to previous Egyptian governments, whose support for green energy production was insufficient, the administration of President Abdel Fattah El-Sisi has embraced an ambitious, multi-faceted strategy to meet the country's climate commitments and promote economic growth," the study added.
According to the study, Egypt is taking effective steps aimed primarily at building broad regional cooperation with natural gas producing countries in the Eastern Mediterranean region and establishing a strategic partnership with the European Union in the field of energy.
Egypt aims to optimally exploit all current capabilities and strive to achieve the maximum economic benefit from natural gas wealth, which is discovered or expected to be discovered in the future.
“In light of the accelerating pace of global transformation in the field of energy, green hydrogen has emerged as a promising solution to mitigate the repercussions of climate change and diversify energy sources," the study explained, stressing that Egypt has set its sights on becoming a major global player in this field thanks to its strategic location and market.
The large domestic sector and the abundance of renewable energy growth opportunities therein, as important motivations for establishing a prosperous hydrogen sector include ensuring energy security and protection from price fluctuations, such as those resulting from geopolitical conflicts and the Russian-Ukrainian war in addition to the war on Gaza and its various repercussions.
Benefits of using Green Hydrogen also include: generating job opportunities, Promoting exports, attracting foreign investment, and promoting technological innovation locally.
The study stated that in light of Egypt's strategy to move forward in activating sustainable development mechanisms and tools, "Egypt was an African model in the field of transition towards a green economy through many projects, the most important of which is the production of green hydrogen."
Green hydrogen in Egypt is receiving great and increasing attention, especially with the availability of the potential of renewable energy according to the Egyptian energy strategy until 2035, which aims to reach the contribution of renewable energy to about 42 percent of the total electrical energy produced by the year 2035.
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