China’s ambition to use entirely low-carbon energy sources by 2030 and become carbon neutral by 2060 would probably result in further growth in the country’s demand for platinum-group metals (PGMs).
Additionally, the nation intends to expand the number of hydrogen fuel cell electric vehicles (FCEVs) it has on the road through programs that go beyond simply providing sales incentives by working to build the full hydrogen value chain, including refueling facilities.
By 2035, the Chinese government wants to see a million FCEVs sold overall.
With more than 30% of the world’s demand for PGMs, China is now the largest consumer market.
According to the World Platinum Investment Council, PGMs have distinctive catalytic capabilities and are employed in proton exchange membrane (PEM) technology, therefore impetus for PEM investment in China is growing.
Johnson Matthey, a manufacturer of sustainable technology, has, for instance, expanded its fuel cell operations into China and built a cutting-edge facility to produce key components for clients in the country.
Additionally, it is collaborating with the Sinopec chemical firm to enhance fuel cells, green and blue hydrogen, and decarbonization technologies in China.
Umicore, a circular materials technology business, which is building a sizable fuel cell catalyst facility in Changshu, is another illustration of the flourishing PEM investment in the nation. The facility will hasten the transition of the nation to hydrogen-based mobility.
The Changan SL03, the world’s first mass-produced hydrogen FCEV car, has completed testing and will hit the market later this year.
The recovered PGMs will be utilized to create brand-new goods for the chemical, electronics, chemical, automotive, and green hydrogen sectors.
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