South Africa set its sights on attracting as much as R4.3 trillion into its nascent green hydrogen industry by 2050 to take advantage of abundant solar and wind energy sources. The industry could create 1.4 million jobs and generate as much as $30 billion in annual revenue by that year, according to Masopha Moshoeshoe, a green economy specialist in the South African Presidency’s investment and infrastructure office.
While other African countries such as Morocco and Namibia have already positioned themselves as potential hydrogen producers, Russia’s invasion of Ukraine has increased interest in supply and created more opportunities for cooperation, he said. The war has driven up natural gas prices and threatened security of supply. Investment funds, governments and utilities are pledging to spend billions of dollars on markets for the clean fuel.
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