Egypt will host the COP 27. In this context, the Egyptian President Abdel Fattah El-Sisi meets with Dr. Forrest, founder of Fortescue Future Industries (FFI). In fact, he wants to discuss the possibilities of developing renewable hydrogen in the country before COP27.
Egypt wants to develop its potential
The reception of FFI by Abdel Fattah El-Sisi follows an agreement already signed by the company. The project was to conduct studies for a potential renewable hydrogen project with an installed capacity of 9.2 GW.
The project meets common objectives between Egypt and the company. On the one hand, the country has a significant potential in terms of renewable energy and a willingness to exploit it. On the other hand, FFI wants to help decarbonize. In this sense, Dr. Forrest wanted to emphasize the importance of this collaboration:
“Egypt is poised to become a global powerhouse in the renewable energy value chain and will be ready to show the world at COP27.”
He also states that Egypt has excellent wind and solar resources. Moreover, they would be able to generate renewable energy in large quantities. This will allow the production of electricity, hydrogen and renewable ammonia.
At the same time, FFI is committed to providing social, environmental and economic benefits through its facilities. Thus, the region benefits from the presence of FFI in Egypt.
Common goals
The meeting between the Egyptian President and FFI discussed in particular the possible collaboration between the electricity sector of Egypt and FFI. This, with the aim of producing renewable hydrogen and green ammonia from 100% renewable energy sources. The resources would thus be essentially wind and solar.
In addition, the project contributes to the achievement of FFI’s corporate goals. In this way, it attempts to support the industry in achieving carbon neutrality for Scope 1 and 2 emissions by 2030. Then, reaching net zero by 2040.
