The European Bank for Reconstruction and Development (EBRD) is assisting Egypt in transitioning to a greener economy, powered by renewable energy.
The bank has signed a deal with the country’s government to assess the potential for low carbon hydrogen supply chains and production.
Hydrogen is considered a key fuel for a net zero future and the North African nation is looking to secure a foothold in the market.
The EBRD will develop a strategy that aligns with Egyptian policy.
Egypt will host the COP27 climate conference at the end of this year.
Egyptian Minister of International Cooperation Rania Al-Mashat said: “Utilising low carbon hydrogen is a key step towards mitigating climate change, as the country moves to using clean and renewable energy.”
EBRD Vice President for Policy, Mark Bowman, added: “The Bank has been a strong supporter of renewable energy development in Egypt, providing policy advice, technical assistance and financing. Our aim is to back the country in achieving another milestone.”