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Egypt has unlocked opportunities for $40 billion in green hydrogen and renewable technology investments. The country is paving the way for significant advancements in these fields by signing seven memoranda of understanding with international developers.

The projects, situated in the Suez Canal Economic Zone, will receive an initial investment of about $12 billion during the pilot phase. Subsequently, Hala el-Said, the country’s Planning Minister stressed an additional $29 billion added to these ventures.

This strategic move aligns with Egypt’s vision, as stated by Tarek El Molla, the Petroleum Minister. He revealed the plans for renewables to constitute 60% of the nation’s energy mix by 2030. Egypt’s geographical positioning in the global “sun belt” endows it with an average of 9-11 hours of sunshine daily, accompanied by minimal cloudy days. Consequently, the nation boasts immense potential for leveraging renewable energy sources for hydrogen production.

In summary, Egypt’s joint efforts signal a significant step towards a sustainable energy future, drawing in substantial investments and capitalizing on its natural advantages.

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