South Africa plans to attract up to $250bn in green hydrogen industry by 2050

South Africa has set a target of raising up to $250 billion in the nascent hydrogen industry by 2050.

The industry could create 1.4 million jobs and generate up to $30 billion in annual revenue, according to Masofa Moshoesho, a green economy specialist.

"Green" hydrogen, which is produced by splitting water using renewable energy, is one of three key ways in which South Africa aims to move away from coal. The other two are the development of electric vehicles and a switch to wind and solar power.

The plan, included in Moshoesho's presentation at the COP27 international climate conference in Egypt, envisages that by 2050 South Africa will export up to eight million tonnes of clean fuels and their derivatives and meet local demand of two to five million tonnes.

According to Moshosho, there are a number of bilateral talks between South Africa and potential markets. This is reported by Bloomberg.