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Egypt to invest $60bln in hydrogen projects

It aims to produce 56mln tonnes/year

Egypt expects more than $60 billion to be invested in green hydrogen and ammonia projects in the next few years, according to official data.

The projects target the production of nearly 56 million tonnes of green hydrogen and ammonia by 2040, accounting for 5-8 percent of the global market, the New and Renewable Energy Authority (NREA) said in a report published by Egypt’s Addustour newspaper on Tuesday.

The report said the projects are part of a renewable energy strategy stretching from 2020 to 2024, adding that it includes a set of incentives for investors.

“Since the beginning of 2024, a new package of incentives has been issued…they comprise tax and investment incentives along with customs exemptions,” it said.

The report noted that contracts signed with seven foreign contractors over the past months include investment of up to $40 billion within 10 years.

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