President El-Sisi follows up on Egypt's Green Hydrogen Strategy

CAIRO – 25 December 2023: President Abdel Fattah El-Sisi reviewed the developments of Egypt's strategy for green hydrogen, according to a statement by the Spokesman for the Presidency, Counselor Ahmed Fahmy.

The discussion also included the examination of various hydrogen production scenarios, evaluation of the action plan for the upcoming phase across both executive and legislative spheres, and the formulation of procedures to enhance Egypt’s abilities across this sector.

This came during El-Sisi's meeting with Prime Minister, Mostafa Madbouly, Minister of Electricity and Renewable Energy, Mohamed Shaker, and Minister of Petroleum and Mineral Resources, Tarek El-Molla.

The purpose of this strategy is to lead Egypt to be the most prominent county for global low-carbon hydrogen economy, Fahmy announced.

This strategy also will provide several of job opportunities, and bolster national income in the foreseeable future.

During the meeting, an overview was conducted of the forthcoming projects set to be initiated as part of the national strategy implementation.

The President instructed the immediate start of approved projects, emphasizing sustainable energy in Egypt's Vision 2030.

Egypt's Cabinet proposed incentives for the green hydrogen sector, which received committee-level approval in the House of Representatives.

The decision grants tax breaks and non-tax incentives to companies involved in green hydrogen projects for five years. These incentives apply to companies securing a specific percentage of financing from foreign lenders.

In November, the National Green Hydrogen Council approved the strategy aiming to capture 5-8 percent of the global hydrogen market, reduce CO2 emissions by 40 million tons annually, create 100,000 jobs by 2040, and contribute $10-18 billion to the GDP.