According to a recent report by the World Future Energy Summit, the GCC is poised to play a significant role in the highly anticipated future hydrogen market, with the UAE, Saudi Arabia, and Oman seeking to become global leaders in the export of clean fuel, which will help drive the evolution of the region’s energy sector.
The report, commissioned from business consultancy Frost & Sullivan, paints a picture of enormous opportunity for the region and comes a week before the World Future Energy Summit, the premier business event for future energy and sustainability, which runs at Abu Dhabi National Exhibition Centre from January 16–18.
The paper emphasizes that the region’s energy sector is poised for significant development as GCC countries work to achieve energy sustainability through a combination of renewable energy integration, energy-efficiency initiatives, and hydrogen production and transportation.
Although the GCC has a number of competitive advantages to play a significant role in the global green hydrogen economy, the GCC countries currently use significant amounts of natural gas-based grey hydrogen. The cost-competitive production of blue hydrogen is made possible by the availability of low-cost natural gas combined with the ease of carbon capture, use, and storage. These benefits include the availability of solar and wind energy, financial resources, and export possibilities.
In light of increasing competition from locations in North Africa, Europe, and Australia, the research advises the region to move rapidly to capitalize on a first-mover advantage and make investments to attain future cost competitiveness.
The study is released in advance of the World Future Energy Summit 2023, which will place a major emphasis on the sector’s potential through the establishment of a new Green Hydrogen Innovation Hub that will serve start-ups and SMEs. The World Future Energy Summit will also produce three specific podcasts on the subject as the first of a series focused on renewable energy, sustainability, and climate change in an effort to capitalize on the growing trend.
Masdar is the host of the World Future Energy Summit, which is a component of Abu Dhabi Sustainability Week, a global platform for advancing sustainable development. Additionally, the event is being organized in collaboration with ENOWA for the first time ever.