Africa Could Make €1 Trillion of Green Hydrogen a Year, EIB Says
- Production would likely be focused in three geographical hubs
- South Africa, Egypt, Morocco, Mauritania, Namibia to Benefit
Photographer: Alex Kraus/Bloomberg
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Africa has the potential to produce €1 trillion ($1.06 trillion) worth of green hydrogen a year by 2035, allowing it to export the fuel and boost local industry, according to a study backed by the European Investment Bank.
By harnessing the world’s best solar energy resource a number of countries on the continent could produce the fuel, which is made by splitting water using renewable energy, at a cost of less than two euros a kilogram by 2030, the EIB and its partners, the African Union and the International Solar Alliance, said in the report released on Wednesday.