South Africa has set a goal of attracting up to $250 billion to the nascent hydrogen industry by 2050.

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

Green hydrogen, which is produced by splitting water using renewable energy, is one of three key ways South Africa is moving away from coal. Two other ways are the development of the production of electric vehicles and the transition to wind and solar energy.

The plan, included in Moshoesho’s presentation at the COP27 international climate conference in Egypt, calls for South Africa to export up to eight million tons of clean fuels and derivatives by 2050 and meet two to five million tons of local demand.

There are a number of bilateral negotiations going on between South Africa and potential markets, Moshoesho said. Bloomberg writes about it.