New EIB study confirms Africa’s €1 trillion green hydrogen potential

Harnessing Africa’s solar energy to produce 50 million tons of green hydrogen a year by 2035 can help secure global energy supply, create jobs, decarbonize heavy industry, and transform access to clean water and sustainable energy, according to a new report by the European Investment Bank (EIB).

Africa could make $1.1 trillion from the sale and use of green hydrogen, says the study by EIB, in conjunction with the International Solar Alliance and the African Union, highlighting the benefits of harnessing solar power to create green hydrogen in four African hubs: Morocco-Mauritania, southern Africa and Egypt. The study combines analysis of investment opportunities focusing on these three hubs with a roadmap of technical, economic, environmental and financial solutions to unlock commercial development. It is the first detailed research on the feasible development of green hydrogen across the continent, according to the EIB.

“Africa’s has the best solar energy in the world and transforming solar power into green hydrogen can strengthen energy security, cut emissions and pollution and decarbonize industry and transport,” said Abdessalam Ould Mohamed Salah, Minister of Energy of the Republic of Mauritania. “The European Investment Bank is working with partners across Africa and around the world to harness its renewable energy potential to produce low-cost green hydrogen at scale. The Africa’s Extraordinary Green Hydrogen Potential report shows concrete opportunities to transform access to green energy and clean water across the continent and beyond.”