The Egyptian Parliament approved on Tuesday a drafted law submitted by the government on a group of incentives to promote green hydrogen production projects. Accordingly, this will attract eco-friendly investments and retain the current investors who have already signed agreements to establish green hydrogen projects, turning Egypt into an international hub for green hydrogen projects. This will also lure more direct and indirect foreign investments.
In this regard, Egypt established the National Council for Green Hydrogen last August to stimulate green investment. Further, the council launched the National Strategy for Green Hydrogen last November.
Egypt is currently scaling up its green energy transition strategy, pursuing surging the reliance on renewable energy up to 42% by 2035. The strategy also targets up to 8% of the global trade in the green hydrogen market by 2040.
