Egyptian President meets with Fortescue Future Industries About green hydrogen opportunities ahead of COP27

In the lead up to Egypt hosting the 2022 United Nations Climate Change Conference (COP27), Egyptian President Abdel Fattah El-Sisi has met with Fortescue Future Industries (FFI) founder and Executive Chairman Dr Andrew Forrest to discuss the development of green energy projects in the region.

FFI has already signed a Memorandum of Understanding (MoU) to conduct studies with a view to developing green hydrogen production in the Arab Republic of Egypt. The meeting discussed the potential development of a green hydrogen production project with a 9.2 gigawatt (GW) installed capacity.

Dr Forrest said, “Egypt is on the way to becoming a global powerhouse in the green energy value chain and will be ready to show the world that at COP27.”

“Egypt’s excellent wind and solar resources can generate the renewable energy required to produce large scale green electricity, green hydrogen and green ammonia,” Dr Forrest said.

FFI is a global green energy company committed to producing green hydrogen, containing zero carbon, from 100 per cent renewable sources. It is a wholly owned subsidiary of global green energy and resources company Fortescue Metals Group (USD$33.75 billion market capitalisation.)

FFI President Middle East North Africa, Moataz Kandil said “FFI’s presence in Egypt is not only a step towards beginning to lower emissions, but a commitment to delivering social, environmental and economic benefits to the region.”

The Presidential spokesperson said, “the meeting tackled collaboration between Fortescue Future Industries and Egypt’s electricity and renewable energy sector in the fields of green hydrogen production and green ammonia with a 9.2 GW installed capacity from renewable energy, as well as the localisation of electricity production from solar and wind resources such as solar panels and wind turbines.”

About Fortescue and Fortescue Future Industries (FFI):

Fortescue Metals Group Ltd (Fortescue) is one of the world’s most successful iron ore companies, with a market capitalization of more than USD$33.75 billion and in FY22 made a total global economic contribution of USD$18.6 billion.

Since 2003, Fortescue has been at the forefront of innovation in the mining industry, becoming one of the lowest cost iron ore producers, with more than 1.7 billion tonnes of iron ore delivered to our customers in the last 15 years.

Now, through its green energy and technology company FFI, it is rapidly diversifying the business to become an integrated, global green energy and resources company.

Key to this transition are industry leading targets to achieve carbon neutrality for Scope 1 and 2 emissions by 2030 and net zero Scope 3 emissions by 2040.

FFI is leading the global effort to help decarbonise hard-to-abate sectors and is developing the technology and energy supply to decarbonise Fortescue’s business, while building a global portfolio of renewable green hydrogen and green ammonia projects.

At the same time, Fortescue is a values-based business which celebrates diversity and inclusiveness. Globally we are empowering thriving communities and delivering positive social and economic benefits through training, employment and business development opportunities.

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