Egypt’s Prime Minister Mostafa Madbouly held a meeting on Wednesday to follow up on developments in preparing the national green hydrogen production strategy.
Madbouly the importance of speedy agreement during this stage on the details of the incentive package that the state will provide to various companies wishing to invest in the production of green hydrogen.
He pointed out that the Egyptian state has achieved great progress in this regard, especially during the period of the Sharm El-Sheikh climate summit COP27, which witnessed the signing of many memorandums of understanding with a number of the largest international companies operating in this vital field.
The Prime Minister affirmed the state’s keenness to provide the largest possible amount of incentives and facilities for green hydrogen production projects.
Madbouly noted the importance of promptly announcing the incentive package that the state will provide for these projects, to activate the signed agreements and memorandums of understanding and to attract more investments to this important sector.
Minister of Electricity and Renewable Energy Mohamed Shaker indicated that the semi-final version of the strategy had been received, and work is underway on it for speedy completion.
He added that concerning the executive position of the projects of agreements and memorandums of understanding that were signed with several global companies and alliances working in the field of Green hydrogen production, the proposed lands for the establishment of these projects have been identified.
During the meeting, the Minister of Electricity noted Egypt’s capabilities in the field of new and renewable energy, explaining that it is a huge potential, saying: “We have the potential to generate about 350 gigawatts of wind energy and about 650 gigawatts of solar energy.”
Nader Saad, the Cabinet spokesperson, stated that the meeting witnessed a review of models of incentives offered by some countries in the field of green hydrogen production activities. “It was also emphasized that the national strategy that will be announced will include many attractive incentives, which would increase Egypt’s competitiveness in this field, to glorify its capabilities and capabilities,” Saad added.
Madbouly directed the formation of a small working group, including representatives of the concerned authorities, to draft the incentives project that the Egyptian state will grant to green hydrogen projects, provided that the group finishes its work and submits its recommendations within two weeks.