Al-Sisi Launches ‘Egypt Green’ –Africa’s First Integrated Green Hydrogen Plant

President Abdel Fattah Al-Sisi and Norway Prime Minister Jonas Gahr Støre announced the launch of Phase One of the First Green Hydrogen Plant in the Suez Canal Economic Zone (SCZone), on the sidelines of COP27.During the event, President Sisi said that the green transformation represents a promising opportunity to achieve development in all fields. He added that Egypt is moving forward toward being an energy bridge between Africa and Europe, pointing out that Egypt is keen to overcome any investment obstacles, especially in the green transformation sectors.

Al-Sisi further added that the giant project to produce green hydrogen is located in the economic zone of the Suez Canal, to facilitate the export to Europe and other continents. He also highlighted that green hydrogen has the potential to play a significant role in decarbonizing hard-to-abate sectors, such as heavy industries, power, and global shipping, and to provide affordable, accessible, and sustainable energy security for future generations.

The Africa Carbon Markets Initiative (ACMI)

ACMI announced a bold ambition for the continent—to reach 300 million credits produced annually by 2030. This production level would unlock 6 billion in income and support 30 million jobs. By 2050, ACMI is targeting over 1.5 billion credits produced annually in Africa, leveraging over $120 billion and supporting over 110 million jobs.

Commenting on ACMI’s ambition, Damilola Ogunbiyi, the CEO of SEforALL and a member of the ACMI’s steering committee, said, “The current scale of financing available for Africa’s energy transition is nowhere close to what is required. Achieving Africa Carbon Markets Initiative targets will provide much-needed financing that will be transformative for the continent.”

ACMI aims to expand Africa’s participation in voluntary carbon markets by setting an ambition for the continent and developing a roadmap of action programs that will be implemented over the next few years to meet that ambition. The UN Climate Change High-Level Champions are supporting partners in this initiative.