Global hopes for hydrogen economy revived amid EU push
(EurActiv, 1 Apr 2020) A common buzzword at the beginning of the century, the hydrogen economy could finally be about to materialise on the back of falling technology costs and growing interest from policymakers, according to a global industry outlook by research firm BloombergNEF.
Up to 34% of global greenhouse gas emissions from fossil fuels and industry could be cut “at manageable cost” thanks to clean hydrogen produced from renewable electricity, says the study, published on Monday (30 March).
“The falling cost of making hydrogen from wind and solar power offers a promising route to cutting emissions” in hard-to-abate sectors such as steelmaking, transport and chemicals, according to BNEF’s ‘Hydrogen Economy Outlook’.
“However, this will only be possible if policies are put in place to help scale up technology and drive down costs,” the report adds.
Renewable hydrogen could be produced for $0.8 to $1.6/kg in most parts of the world before 2050, the report said, adding this would make the clean fuel competitive with current natural gas prices in countries like Brazil, China, India, Germany and Scandinavia.