MPs greenlight green hydrogen incentives:The House gave final approval to a cabinet-drafted decision putting forward a package of incentives for Egypt’s green hydrogen industry, granting a series of tax breaks and non-tax incentives to companies implementing green hydrogen projects within five years and deriving a certain percentage of their funding from foreign investors. The incentives were greenlit by the cabinet in May, approved by the House Energy and Environment Committee last month, andare now only awaiting ratification from President Abdel Fattah El Sisi after getting the go-ahead from the House.

The incentives in question: Following the decision’s ratification, companies operating in the green hydrogen sector will be eligible to receive tax breaks of between 33-50% on income earned from the plants. They will also be exempted from real estate taxes, stamp taxes, and VAT on raw materials and machinery purchased for the projects. Projects will also receive a number of non-tax incentives like licensing facilities and extended grace periods on payments.

** We dive into the full package of incentives and the eligibility requirements in ourcoverage of the story last month.

Egypt is going all-in on green hydrogen: Egypt has set a target of providing 5-8% of the world’s hydrogen by 2040, creating some 100k jobs and adding USD 10-18 bn to its GDP in the process. The government has also signed MoUs with 23 developers and framework agreements with nine international power companies to develop green hydrogen projects. The Madbouly cabinet last week greenlit Belgian dredging and offshore energy contractor DEME’s USD 3.1 bn project to produce green hydrogen and its derivatives near the Gargoub Port.

Still to come: We’re still waiting on the government to unveil its green hydrogen strategy — currently in its final stages — after it received approval from the National Green Hydrogen Council in November.

ALSO- North Abu Qir for Agricultural Nutrients goes green: State-owned Abu Qir Fertilizers, ABB Group, MPS Infrastructure, and Petrojet inked an MoU yesterday to supply North Abu Qir for Agricultural Nutrients with the green hydrogen and renewable energy needed to produce green ammonia.

ALSO FROM THE HOUSE-

MPs also approved an amendment that will expand the scope of a 2021 medical emergency fund to include spending for the treatment of hereditary diseases. The amendment will allow the fund to launch initiatives for the early detection of hereditary diseases and raise young people’s awareness about hereditary diseases.

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