Hydrogen, which is often hailed as a key innovation that is needed to reach net-zero emissions, is becoming more affordable, writes Ken Silverstein in Forbes.
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Hydrogen’s Role in Reaching Climate Goals
According to Bloomberg’s Hydrogen Economy Outlook “gas could supply 24% of the world’s energy demands by 2050 while cutting CO2 levels by 34%…If all the pieces fall into place, hydrogen produced from wind and solar could cost between $0.8 and $1.6 a kilogram. That is roughly the cost of natural gas.”
“The market for hydrogen technology is global. Plug Power is expected to join with Fortescue Future Industries to build a giga-factory in Queensland, Australia, to produce electrolyzers. Meantime, Plug Power is likely to work with Egypt’s OCI NV and the Abu Dhabi National Oil Company to make green hydrogen with its electrolyzer.”
- The greatest impediment to the rapid deployment of hydrogen is the high cost of production.
- The private sector is looking for innovative ways to reduce the cost of green hydrogen. The Hydrogen Council estimates that by 2030 global investments in hydrogen will exceed $300 billion.
- Through innovation and leadership the private sector is bringing affordable green hydrogen production closer to fruition.
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