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European Investment Bank, International Solar Alliance, and the African Union have unveiled a new study into Africa’s green hydrogen potential.

The report, “Africa’s Extraordinary Green Hydrogen Potential,” highlights the benefits of harnessing solar power to create green hydrogen in four African hubs: Mauritania, Morocco, southern Africa and Egypt. According to the report, green hydrogen is economically viable at EUR 2/kg and can accelerate low-carbon economic growth across the continent and reduce emissions by 40 percent.

Harnessing Africa’s solar energy to produce 50 million tons of green hydrogen a year by 2035 can help secure global energy supply, create jobs, decarbonize heavy industry, enhance global competitiveness, and transform access to clean water and sustainable energy, according to the report.

The study notes that solar power green hydrogen is cheaper than traditional fossil fuel energy, and that EUR 1-trillion green hydrogen investment can deliver the equivalent of more than one third of Africa’s current energy consumption, boost GDP, improve clean water supply and empower communities.