Arab FinanceDr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, witnessed the signing of the grant agreement for the green hydrogen project in Egypt.n SCATEC and the PTX hydrogen mechanism, The project will be funded by the grant provided by the Green Hydrogen Mechanism (PTX).
It was previously launched by the German Federal Ministry for Economic Cooperation and Development with a value of 270 million euros to Egypt and six other partner countries, to provide grants for industrial projects at different stages along the green hydrogen value chain.
The project aims to stimulate green transformation in the Suez Canal Economic Zone, and lead the country towards climate neutrality in resource and energy-intensive industries while enhancing local value creation by taking advantage of the abundant availability of wind and solar energy. In addition, 1,330 jobs are expected to be created in the construction, operation and maintenance phases of the project, and it is expected to produce 70,000 tons of green ammonia (140,000 tons of carbon dioxide equivalent annually, equivalent to 3 million tons over its useful life) and It lays the foundation for the sustainable transformation of the entire industry in Egypt.
Al-Mashat also confirmed that the signing of the grant agreement between SCATEC and the PTX hydrogen mechanism for the “Green Hydrogen in Egypt” project is the result of continuous and fruitful cooperation between the Egyptian Ministry of Planning, Economic Development and International Cooperation and the German Federal Ministry of Economic Cooperation and Development.
She added that green hydrogen has gained great global attention as one of the carbon-free fuels of the future, and will play a huge role in the global energy transition, especially with the decline in traditional fossil energy reserves (coal, oil, and natural gas) and environmental pollution resulting from the use of fossil energy, which seriously threatens Direct survival and evolution of humans.
The Minister of Planning, Economic Development and International Cooperation also highlighted cooperation with international partners, including the German government and the European Union, through strategic partnerships in the field of renewable hydrogen. These partnerships represent tremendous opportunities for Egypt to export hydrogen, as a declaration of intent in the field of green hydrogen was previously signed between the Egyptian and German governments during 2022.
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