The European Bank for Reconstruction and Development (EBRD) on March 7 signed a Memorandum of Understanding (MoU) with the Egyptian Ministry of Power and Renewable Energy and the Ministry of Petroleum and Mineral Resources to establish a framework for assessing the feasibility of supplying low-carbon hydrogen. Chain
The Bank is helping Egypt to realize its renewable energy potential and transform into a green economy by developing a national low-carbon hydrogen strategy. Hydrogen is one of the decarbonized fuels of the future. It can significantly contribute to energy conversion while unlocking additional benefits from renewable power generation.
The bank’s assessment will include mapping current and future expected international supply and demand for the hydrogen market, analysis of existing and potential hydrogen production in Egypt, and evaluation of storage, conversion and transportation of hydrogen and its derivatives, EBRD said.
The EBRD will also assist in conducting a regulatory analysis and evaluation of the changes required to assist in the development of hydrogen supply chains in Egypt while ensuring supply security, reliability, competitiveness and sustainability.
The assessment will provide guidelines for the country’s low-carbon hydrogen strategy, promote the sustainable development of hydrogen as a decarbonized fuel for mitigating climate change, ensure cost effectiveness, and identify potential areas for investment.
Accelerate progress in achieving Egypt’s national development strategy, which is based on the Sustainable Development Goals (SDGs), Minister for International Cooperation Rania A Al-Mashat He stressed that the country is committed to transformation into an inclusive and green economy. Egypt will host the COP27 climate conference later this year.
“The use of low-carbon hydrogen is an important step in mitigating climate change as the country moves toward the use of clean and renewable energy,” al-Mashat said.
On his behalf, EBRD vice-president for the policy Mark Bowman He said the bank is proud to contribute to Egypt’s future national low-carbon hydrogen strategy, which is in line with the bank’s commitment to mitigating climate change wherever it invests. He added that EBRD is a strong supporter of renewable energy development in Egypt, providing policy advice, technical assistance and funding.
