Fortescue Future Industries (FFI) and Egypt signed a major framework agreement today at the UN Conference of Parties on Climate Change (COP27) being held in Sharm El-Sheikh till 18 November, agreeing to work together to study and develop green hydrogen and renewable energy projects in Egypt. The binding agreement provides FFI access and exclusive land rights to study renewable energy resources in Egypt, which would include solar wind. The projects being considered could support a potential capacity of 7,600 MW of renewable energy, which has the potential to produce 330 kilo tonnes per annum of green hydrogen. The PM also stressed the government’s interest in localising renewable energy component manufacturing and noted that energy projects are vital, as they align with the government’s strategy to transform Egypt into a global renewable energy hub. For his part, FFI CEO Mark Hutchinson said the project would bring jobs and economic growth to Egypt.
