President Abdel-Fattah El-Sisi of Egypt and Norwegian Prime Minister Jonas Gahr Støre, at the launch of the project on Tuesday, said the launch was part of the UN Climate Conference of the Parties (COP27) in 2022 which is celebrated in Sharm El Sheikh, Egypt. .
This event formed part of the final day of the Climate Implementation Summit, with more than 100 heads of state and government meeting in the first days of the conference to work on the implementation of existing climate agreements.
El-Sisi praised the project, which will be implemented in cooperation with Norwegian energy giant Scatec.
The Egyptian president said it provides “a practical investment partnership model that stimulates sustainable economic development with a focus on the role of the domestic and foreign private sector in addition to the role of government, working alongside this fruitful sector.”
Scatec has been a major developer in Egypt’s huge Benban Solar Park in Aswan, Upper Egypt, one of the world’s largest solar parks with a total capacity of 1.8 GW.
The Green Hydrogen Plant is part of Egypt’s broader green hydrogen strategy, which has a vision to produce green hydrogen at the cheapest price in the world.
The strategy is implemented in cooperation with the European Bank for Reconstruction and Development and the Arab Union for Sustainable Development and the Environment.
It seeks to help Egypt contribute eight percent of the global hydrogen market, Egypt’s cabinet said in a statement on Saturday.
El-Sisi said: “Green hydrogen has become one of the most important solutions on the way to a green economy for the next few years.
“It is an example where developing countries, including Egypt, are making great strides.
“However, we still have to face challenges derived from the tendency of some countries to bet on local green hydrogen in a way that lowers its production cost.
“This causes an imbalance in the global hydrogen market and contributes to undermining the competitiveness of green hydrogen produced in developing countries compared to developed countries,” added the president.
Source Credit: NAN