Egypt’s Prime Minister Mostafa Madbouly reviewed on Monday offers submitted by international companies to establish green hydrogen projects in the Suez Canal Economic Zone (SCZone), as the country seeks to localise the production of clean-burning fuel, according to the company's release.
During a meeting with Yehia Zaki, chairman of the SCZone, Madbouly said Egypt seeks to attract investments to the SCZone, especially in the field of clean energy. 2021.
Madbouly added that “tremendous” effort is needed to leverage the strategic location of the Suez Canal, according to a cabinet statement released following the meeting.
Green hydrogen — hydrogen made without fossil fuel — has long been described as the fuel of the future for being abundant, cheap, and clean-burning.
It has been identified as the clean energy source that could help bring the world to net-zero emissions.
Egypt — through the zone — has set its eyes on the green economy and its various industrial applications, such as green hydrogen, which is one of the most important sources of clean energy globally, to attract global investors and become a global logistics and economic hub, especially in green hydrogen projects.
The SCZone has received several offers from companies to establish green hydrogen projects in the Sokhna industrial area and East Port Said zone, Zaki said.
Egypt has already begun the first project to produce green ammonia in the industrial zone of Sokhna, through a global alliance and the Egypt Sovereign Fund.
The implementation phase will coincide with Egypt’s hosting of the United Nations Climate Conference (COP27) in November, Zaki said, adding that it is “a good” opportunity to announce the start of green hydrogen projects in Egypt in general, and in the economic zone in particular.