EBRD inks MoU with Egypt to guide national hydrogen strategy
The European Bank for Reconstruction and Development (EBRD) signed on March 7 a memorandum of understanding (MoU) with Egypt’s Ministry of Electricity and Renewable Energy and Ministry of Petroleum and Mineral Resources to establish a framework for assessing the potential of low-carbon hydrogen supply chains.
The Bank is assisting Egypt to achieve its renewable energy potential and to transition to a greener economy by assisting in the development of a national low-carbon hydrogen strategy. Hydrogen is one of the decarbonised fuels of the future. It can significantly contribute to the energy transition while unlocking additional benefits from renewable power generation.
The Bank’s assessment will include mapping the current and future expected international supply and demand of the hydrogen market, analysing existing and potential hydrogen production in Egypt and valuing the storage, conversion and transportation of hydrogen and its derivatives, the EBRD said.
The EBRD will also help to conduct a regulatory analysis and assessment of the changes needed to support the development of hydrogen supply chains in Egypt while ensuring the safety, reliability, competitiveness and sustainability of supply.
The assessment will provide guidelines for the country’s low-carbon hydrogen strategy, promoting the sustainable development of hydrogen as a decarbonised fuel for climate change mitigation, while ensuring cost effectiveness and identifying potential areas for investment.
Accelerating progress on achieving Egypt’s national development strategy, with the Sustainable Development Goals (SDGs) at its core, Minister of International Cooperation Rania A. Al-Mashat emphasised that the country was committed to transitioning to an inclusive and green economy. Egypt will host the COP27 climate conference towards the end of the year.
“Utilising low-carbon hydrogen is a key step towards mitigating climate change as the country moves to using clean and renewable energy,” Al-Mashat said.
For his part, EBRD Vice President for Policy Mark Bowman 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 where it invests. He added that the EBRD has been a strong supporter of renewable energy development in Egypt, providing policy advice, technical assistance and financing.
