Egypt and Norway will establish a 100MW capacity green hydrogen power plant on Red Sea as a part of agreements in the 2022 UN Climate Change Conference- COP27.
The plant will reduce the power crisis in the resort city to some extent as the Sharm el Sheikh is also facing power cuts during the ongoing COP27 Conference.
The plant was launched as part of COP27 being held in Sharm El-Sheikh, Egypt.
The event took place on the final day of the Climate Implementation Summit with more than 100 heads of state and government gathering on the opening days of COP27 to work towards the implementation of existing climate agreements.
President El-Sisi hailed the project, which will be implemented in cooperation with the Norwegian energy giant Scatec, saying it provides "a practical model of investment partnership that stimulates sustainable economic development with a focus on the role of the national and foreign private sector besides the government's role, working side by side in this fruitful sector."
Scatec has been a major developer at Egypt's massive Benban solar park in Upper Egypt's Aswan, one of the largest solar parks worldwide with a total capacity of 1.8 GW.
The Green Hydrogen Plant is part of Egypt’s wider green hydrogen strategy, which has a vision to produce green hydrogen at the cheapest price worldwide.
President Abdel-Fattah El-Sisi said: “Green hydrogen has become one of the most important solutions on the way toward a green economy during the coming years. It is an example where developing countries, including Egypt, are taking great steps."
"However, we still have to face challenges resulting from the tendency of some countries to back local green hydrogen in a way that decreases their production cost,” he added.
"This causes imbalance in the global hydrogen market and contributes to undermining the competitiveness of the green hydrogen produced in developing countries compared to the developed countries," the President added.
Moreover, during the High-Level Roundtable on “Investing in the future of Energy: Green Hydrogen” on the margins of the
Sharm El Sheikh Climate Implementation Summit at COP27, co-chaired with German Chancellor Olaf Scholz, President El-Sisi, and the Prime Minister of Belgium, Alexander De Croo, announced the launch of the “Global Renewable Hydrogen Forum”.
The Forum constitutes a multi-stakeholder public-private platform designed to facilitate large-scale deployment of renewable hydrogen to foster decarbonisation of local industries, accelerate just transition and unlock the environmental and socio-economic benefits of the global hydrogen economy, and to identify the best instruments enabling the cross-border trade of renewable hydrogen between renewables-rich developing countries and the developed countries.