The battle against climate change is reaching a critical juncture. To limit global temperature increases to 1.5ºC by 2050, we need innovative solutions, and a recent report by Boston Consulting Group highlights the pivotal role of hydrogen and carbon capture and storage in this quest. However, it’s not just technology we need; it’s a massive financial investment of 13 billion euros.
The United States is making significant strides in its pursuit of a low-carbon hydrogen economy, with a recent report by consultancy Wood Mackenzie highlighting the importance of private investment in achieving the ambitious goals set by the Biden administration.
Brazil is setting its sights on becoming a major player in the low-emission hydrogen sector, with Thymos Energia estimating that the country needs to invest a substantial $28 billion in hydrogen projects by 2030. This ambitious endeavor aims to produce 20 million tons of hydrogen per year, a goal that could potentially increase to 38 million tons per year, considering projects in various stages of development.
The Netherlands is making bold strides towards a more sustainable future by embracing green hydrogen as a key element of its decarbonization strategy. However, the road to achieving this vision is encountering a significant obstacle – the rapidly increasing costs associated with using the electricity grid. These rising expenses have the potential to undermine ambitious plans for large-scale green hydrogen production, a critical component in the nation’s efforts to reduce carbon emissions.
For years, the world’s automotive landscape has been dominated by the relentless march of electric vehicles (EVs). Electric motors are widely hailed as the future of mobility, promising cleaner, more sustainable transportation. Yet, beneath the surface, other alternative fuel technologies continue to quietly advance, including hydrogen. And now, a company based in Graz, Austria, has unveiled an impressive hydrogen-powered engine that’s challenging the traditional gasoline paradigm.
Across the globe, coal power plants are approaching the end of their operational lifespans, raising questions about the transition from coal-dependent communities to greener energy sources. South Africa, home to a significant fleet of over 20 gigawatts (GW) of coal power, is one such place where the challenges and opportunities of this transition are prominent.
These incentives encompass substantial tax breaks, ranging from 33 percent to 55 percent of due taxes, aimed at stimulating green hydrogen production. Additionally, the government is encouraging the local production of electric vehicles to further enhance the country’s eco-friendly initiatives.
Portugal is set to launch the first-of-its-kind auction for rights to sell green hydrogen, slated for injection into the national gas grid.
For Europe, the race to secure a prominent position in the green hydrogen landscape is nothing short of a strategic imperative.
The European Union is leading the way in the development of a hydrogen economy, with more than 67 GW of electrolyzer capacity in the pipeline – more than the EU’s target for 2030. However, the European Commission President Ursula von der Leyen has warned that the installed capacity is still low and that the implementation of projects is lagging worldwide.
