Is The Green Hydrogen Hype Justified?
Has the time come for the “fuel of the future”, green hydrogen?
Recently, some of the world's largest green hydrogen developers and partners have teamed up to launch the Green Hydrogen Catapult initiative to bring costs below $ 2 per kg to the energy transition in high carbon industries, including steel , to support.
The seven founding partners include ACWA Power from Saudi Arabia, CWP Renewables, Envision, Iberdrola, Ørsted, Snam and Yara.
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The Green Hydrogen Catapult Initiative will seek to scale green hydrogen by 50 times over the next six years. The initiative will use support from the Rocky Mountain Institute, a US-based nonprofit organization.
The race for zero emissions aims to produce 25 gigawatts of hydrogen on a renewable basis by 2026.
What is green hydrogen?
For many years, green hydrogen has been viewed as an alternative fuel for decarbonising emission-intensive heavy industry and supply chains.
It's generated using renewable energies - wind and sun - to power electrolysis, which breaks water down into its components.
As global warming becomes a serious threat, governments have considered using hydrogen to "decarbonize" several industries. These industries include steel, petroleum, transportation, industrial heating, and others. In addition, they pay attention to their role in energy security.
The idea is a serious alternative to fossil fuels.
"Having led the race to deliver photovoltaic energy for well under $ 2 per kilowatt-hour in certain regions, we believe that the collective ingenuity and entrepreneurship of the private sector can bring green hydrogen to less than $ 2 in four years US dollars per kilogram, "said Paddy Padmanathan, managing director of ACWA Power, in a press release." From an industry perspective, we do not see any technical obstacles to achieve this. So it is time to continue the positive cycle of reducing costs through scale-up. "
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"The world urgently needs to massively promote the use of groundbreaking solutions such as green hydrogen," said Nigel Topping, COP26 high-level champion for global climate protection measures. "The bold vision and leadership of companies can propel green hydrogen on an exponential growth path to support economic recovery and deep decarbonization sooner than expected."
The US company ACWA is working on a plant for green hydrogen
According to a report by Greentech Media, ACWA Power is already working with the US company Air Products & Chemicals on a $ 5 billion plant for green hydrogen in Saudi Arabia. Four gigawatts of wind and sun will drive the plant, which will produce 650 tons of gas per day.
According to the results of a paper entitled “Making Hydrogen Competitive for Costs” by the Hydrogen Council, scale-up will be the biggest driver of cost reductions, especially in the production and distribution of hydrogen.
This will result in significant cost reductions even before the additional impact of technological breakthroughs occurs.
Energy of the future
Studies have forecast that green hydrogen will meet at least 25% of the world's energy needs by 2050.
The Hydrogen Council paper concluded that hydrogen "is already growing" and that significant investments are being made around the world. In addition, green hydrogen will be an important low-carbon option in a variety of sectors.
However, the development of hydrogen continues to require adequate financial, infrastructural and political support in order to achieve widespread deployment and scaling through commercial projects. In addition, the hydrogen industry can help enable the energy transition to a net-zero world, the Hydrogen Council added.
By AG Metal Miner
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