The European Investment Bank (EIB) has released a report that shows the capability of some African Countries to make $1.1 Trillion from the use and sale of green hydrogen. The EIB report points out the fact that Africa’s solar energy can be utilized to produce 50 million tons of green hydrogen per year by 2035.
This development, if implemented, can help safeguard the global energy supply, eliminate carbon from the heavy equipment industry, create jobs, and create access to sustainable energy and clean water.
The review, which was in collaboration with the African Union and the International Solar Alliance, projects the advantages of utilizing solar power to produce green hydrogen in four African countries such as Mauritania, Southern Africa, Morocco, and Egypt.
The European Investment Bank claims that this is the first elaborate research on the feasible development of green hydrogen across the African continent.
The green hydrogen potential report which was released on Tuesday shows the economical viability of solar-powered green hydrogen and how it can be produced at less than EUR 2 per kilogram, which is less expensive than traditional fossil fuel energy.
The EIB report further exhorts pioneer countries to organize private sector investment and formulate market-based partnerships required for large-scale international and domestic demand and off-take for green hydrogen in Africa.