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    Europe closes pact with Egypt to accelerate green hydrogen production

    November 16, 2022 - CE Noticias Financieras


      The European Union and Egypt seal a "strategic alliance" to import green hydrogen: a fuel generated from low-emission renewable energies. As announced Wednesday by several spokespersons of this initiative from the Sharm el-Sheikh climate summit, this new agreement will focus on improving the infrastructure for the production of the also known as 'renewable hydrogen', as well as the tools to transport it over long distances and the legal framework for its commercialization. Europe is committed to financing this process and Egypt, for its part, aspires to become a hub for the production of this green fuel.

      The Vice-President of the European Commission, Frans Timmermans, has defined this new alliance as a turning point for the Europeanenergy transition. "We need to decarbonize the European economy without deindustrializing it. That is why we believe that green hydrogen can help us achieve this challenge," he said during the presentation of this new pact. According to the European spokesman for this initiative, the great challenge from now on will be to ensure that the production of green hydrogen is up to international demand. Hence, as he argued during the presentation on Wednesday, we are now at a key moment to invest in infrastructure.

      The announcement of this pact is not entirely a surprise. A week ago, at the start of the Sharm el-Sheikh meeting, Europe and Egypt already outlined something about this agreement, but it was not until today that the alliance was officially formed. The initiative aims to accelerate the production of green hydrogen and to improve the infrastructure needed to import it to European countries.


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