Today, the activities of the United Nations Conference on Climate Change (COP27) kicked off in Sharm El-Sheikh, which runs until November 18. The participating delegations and those interested and concerned with climate issues began to arrive in the city overlooking the Red Sea, amid increasing calls for the need to adhere to the pledges issued by different countries in this regard, after the weak commitment to the pledges made at the climate summit last year.
Egypt’s updated Nationally Determined Contributions strategy, published last June, revealed that the country needs $246 billion in financing to reach its carbon neutrality target by 2050.
She stated that these funds amounted to $196 billion in funds for projects to combat climate change, in addition to $50 billion for projects to adapt to climate change.
During the conference, Egypt is preparing to launch a national strategy for green hydrogen, which would add between $10 and $18 billion to the gross domestic product by 2025, according to a statement issued by the Council of Ministers yesterday.
The strategy aims to benefit Egypt from its competitive capabilities to reach 8% of the global hydrogen market.
The statement stated that Egypt has the capacity to produce green hydrogen at the lowest cost in the world, and the production cost is set to decrease to $1.7/kg in 2050 compared to $2.7/kg in 2025, and the strategy is expected to provide more than 100,000 new jobs. In addition to contributing to the reduction of Egypt’s imports of petroleum products, and reducing carbon emissions.
