Arab Finance: Egyptian Ministry of Electricity and Renewable Energy is considering further cooperation with China Energy Engineering Corporation in the fields of electricity, new and renewable energy, and green hydrogen, according to a statement issued by the ministry on November 22nd.
The ministry aims to implement the state’s strategy to boost the volume of renewable energy, reduce the use of fossil fuel, and turn Egypt into a regional hub for the production of green hydrogen, Minister of Electricity Mohamed Shaker said in his meeting with the delegation of the Chinese company.
The Egyptian government is currently working on enhancing and developing the power transmission and distribution networks, Shaker remarked, adding that the government also works on the development of the national electricity grid.
He also highlighted that the government pays great attention to electricity interconnection projects, with the aim to become a portal for energy exchange with Europe, the Arab World, and Africa.
Regarding the 2022 United Nations Climate Change Conference (COP27), the minister pointed out that a group of memoranda of understanding (MoUs) were signed with international and local companies and consortia during the event to study joint power generation projects.
These projects target generating power from wind farms with a total capacity of up to 28,000 megawatts and about $34 billion in estimated investments, Shaker said.
Moreover, he added that the projects would offer up to 50,000 direct and indirect jobs, and would contribute to reducing around 65 million tons of carbon emissions annually.
Furthermore, nine framework agreements were signed at COP27 for the implementation of green hydrogen production projects at a cost of $85 billion, using wind and solar energies with capacities of up to 47,000 megawatts and 24,000 megawatts of electrolysis, he mentioned.
These projects will offer about 45,000 direct jobs and 230,000 indirect jobs, the minister pointed out, adding that they will contribute to reducing carbon emissions by almost 39 million tons annually.