To decarbonise the global economy as quickly, effectively and cost efficiently as possible, we need international trade of hydrogen to link sources of cheap renewable energy with areas of high demand. This is the focus of the Council’s brand-new report, Global Hydrogen Flows, released in October.
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Hydrogen took another step up with COP27. Here, Daria Nochevnik and Daryl Wilson share their reflections.
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Amidst the global energy crisis and rising gas prices, increased interest and investment in the hydrogen sector signify significant progress in renewables, highlighting its potential pivotal role in the future of global energy.
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The RePowerEU plan, unveiled on May 18, builds on the European Commission’s March 8 communication, reaffirming Europe’s resolve to rapidly reduce its reliance on Russian fossil fuels.
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The transportation sector emits about 24% of global CO2. Decarbonizing it requires a monumental industry shift, crucial for achieving global carbon neutrality.
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Transitioning to clean energy demands significant change, with global hydrogen demand needing to reach 140 MT by 2030 and 660 MT by 2050, up from 90 MT in 20201. Understanding the scale and complexity of this transition remains a challenge despite recognizing its necessity.
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The movement of people and goods throughout society has always depended on more than one technology. Different individuals, businesses, geographies and segments of the transportation system have different needs and no single solution can meet all of them alone.
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Hydrogen’s pivotal role in industry decarbonization and achieving climate goals, supported by political backing and over 350 global projects, highlights unprecedented momentum, yet significant challenges persist in securing market and financing for mass-scale implementation.
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In a remarkable shift, “net zero” has evolved from a buzzword to a concrete goal, with major economies representing 80% of global GDP now committed to decarbonization, driving significant investments in clean energy, particularly hydrogen-based solutions.
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The hydrogen industry’s rapid expansion, with over 200 large-scale projects announced by early 2021, exceeding $300 billion in value, signals a significant shift across various sectors, previously led by a few key players, now encompassing a diverse range of businesses and applications.
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