Egypt’s GDP by $10-$18 billion by 2050 indicates the positive impact that green hydrogen – EQ Mag
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Egypt’s GDP is predicted to rise between $10 billion and $18 billion as a result of a nearly seven-fold increase in its green hydrogen economy by 2050, as per an assessment by the country’s cabinet.
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Egypt’s green hydrogen plans make it one of most the promising countries in the field, with the potential to attract domestic and foreign investments, it said.
Egypt’s gross domestic product (GDP) is predicted to rise between $10 billion and $18 billion as a result of a nearly seven-fold increase in its green hydrogen economy by 2050, according to an assessment by the country’s cabinet.
A report by the cabinet’s information and decision support centre said Egypt is one of most the promising countries in the field of green hydrogen, with the potential to attract domestic and foreign investments in the field, keeping in view its plans in the field.
Egypt ranked fifth in the Middle East and North Africa (MENA) in the green hydrogen index of Fitch Solutions for 2022.
The report reviewed the most important legislative framework promoting green hydrogen projects in countries such as Germany, South Korea, the European Union, India, France, Chile and the United States, according to Egyptian media reports.
The United Arab Emirates remained the top performing market in the MENA region last year on Fitch’s Green Hydrogen Suitability index, driven by a strong base of hydrocarbon production infrastructure and expertise and expanding renewables sectors.
The European Union’s (EU) new green hydrogen taxonomy rules pose a risk to MENA’s project pipeline as MENA markets have entered into partnerships with EU member states and companies to develop green hydrogen with the EU as a key export destination, Fitch said in a report in February this year.
