Egypt is looking to green its energy and transport systems that currently rely on fossil fuels. To make this possible, Egypt has signed a slew of pacts. A major one among these many agreements includes a $10 billion investment deal that will look at replacing “inefficient thermal power plants” with renewable sources such as wind or solar. Financial institutions like the European Bank for Reconstruction and Development, the African Development Bank, HSBC and CitiBank will be investing in this initiative.
Egypt & Norway Join Forces For Green Hydrogen
Egyptian President Abdel Fattah el-Sissi and the Norwegian Prime Minister Jonas Gahr Støre have revealed plans about the two countries to joining hands to set up a green hydrogen plant, which is to come up in Ain el-Sokhna in Egypt on the Red Sea. The hydrogen project will generate 100 megawatts of green hydrogen upon completion.
Scatec, a leading renewable energy firm in Norway will be responsible for establishing the hydrogen project in Egypt. The firm already has marked its presence in Egypt with the set up of the Benban solar park. This solar park is among the largest in the world and is located in the Aswan province of upper Egypt.
Egypt’s Nexus Program
Egypt’s plans to augment green energy are a part of its national Nexus of Water, Food and Energy Program initiated in July. The program was introduced with an aim to mobilize climate funding and investments to aid Egypt towards its transition to green energy.