Mozambique targets $80 billion green hydrogen industry by 2050
Mozambique intends to build an $80 billion green hydrogen industry by 2050 and rank among Africa's top hydropower producers.
According to an unreleased 60-page Energy Transition Strategy obtained by Bloomberg, the government of the East African nation intends to build 14,000 megawatts of hydropower capacity, the majority of which will be produced between 2030 and 2040.
The hydrogen programme is expected to commence in 2024, Bloomberg reports.
“Mozambique has vast energy assets…the strategic use of these energy assets can accelerate the transition to a middle-income industrialized economy,” said the government.
Mozambique wants to increase its hydropower capacity by 9,000 megawatts in the next ten years and much more in the following decade by luring investments into projects that would follow the same strategy as the $5 billion Mphanda Nkuwa dam being built by a consortium headed by TotalEnergies SE and Japan's Sumitomo Corp., Bloomberg reports.
The goal of Mozambique's energy transformation plan is to make the country a middle-income industrialised economy.
The African Development Bank (AfDB) Group projects Mozambique’s GDP growth to rise to 8.3% in 2024 more than double the average global growth rate of 3.1% projected by the IMF.
