The Hydrogen for Development Partnership (H4D), a new worldwide project to accelerate the deployment of low-carbon hydrogen in developing nations, was launched by the World Bank Group.
In the coming years, H4D will assist spur major finance for hydrogen initiatives from both public and commercial sources. The collaboration will support commercial strategies, technology, and capacity-building initiatives for the deployment of low-carbon hydrogen in poor nations. Through H4D, poor nations will have more access to low-interest loans and technical support for expanding their hydrogen projects.
According to David Malpass, president of the World Bank Group, “low-carbon hydrogen can play a substantial role in countries wanting to speed their clean energy transition.” Our new hydrogen cooperation will make it possible for developing nations to plan low-carbon hydrogen projects, improve their citizens’ energy security and resilience, and reduce emissions.
Since there are currently no viable fossil fuel alternatives for heavy industries, which account for more than 25% of global CO2 emissions, low-carbon hydrogen offers a way to decarbonize these sectors. Hydrogen fuel, which is cheap and low in carbon, has a chance to beat diesel as a transportation fuel. Additionally, hydrogen has the potential to offer choices for long-term energy storage and improve the dependability of renewable energies like solar photovoltaics and wind.
Since low-carbon hydrogen can be used to produce ammonia, a crucial component of fertilizers, it has the potential to increase export profits for low- and middle-income nations. This would result in a value-added export sector that would create jobs for skilled labor and advance food security. Additionally, it can produce energy capacity to fulfill local needs, including decarbonizing domestic manufacturing and smelting industries, and it can give rural populations access to electricity.
The following will be among the primary activities of the H4D collaboration, which will be housed in the World Bank’s Energy Sector Management Assistance Program (ESMAP):
- Fostering international cooperation to broaden developing nations’ knowledge of hydrogen technology with low carbon footprints.
- Developing capabilities by using a global public goods perspective.
- Recognizing the needs of the private sector and emerging markets for the use of low-carbon hydrogen and its derivatives.
- Creating chances for new technologies to become visible and to inform innovation.
- Creating a policy discussion to facilitate the deployment of low-carbon hydrogen in many nations.
- Promoting cooperation between partners in the private sector for clean hydrogen projects.
