Egypt’s Private Sector Renewable Energy Projects Worth $4.4 Billion: Minister of Electricity and Renewable Energy

Renewable energy projects worth USD 4.4 billion are currently being carried out by Egypt’s private sector. The Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker, made this announcement and stated that these projects aim to increase the nation's renewable energy capacity to 10,000 megawatts (MW) by the end of 2025. As of 2022, the totaled renewable energy capacity in Egypt amounted to 6,322 megawatts. The government is now looking to export up to 5.6 million tons of green hydrogen annually, aiming to accrue 8 percent of the global market's share for hydrogen. Shaker added that the government will submit the incentives for the green hydrogen projects to the parliament during the current session. Plans to reduce carbon emissions and promote the usage of renewable and alternative energy sources, including green hydrogen, have been announced as part of Egypt's National Climate Strategy 2050. The government expects that total foreign direct investment (FDI) into green hydrogen projects will reach roughly USD 81.6 billion by 2035. It further proposes to produce green hydrogen at the lowest cost worldwide by 2050, estimating at USD 1.7 per kg. A draft law for the establishment of a national council for green hydrogen and its derivatives received approval from the Egyptian cabinet in August.