Could green hydrogen be the hero of net zero?
As a cleaner alternative to fossil fuels, it is the leading candidate for cleaning up industries responsible for vast quantities of carbon emissions
ON THE back of green hydrogen’s across-the-board functionality, the Hydrogen Council has forecast that annual demand could increase seven-fold by 2050.
In 2022, green hydrogen, made using renewable energy sources to electrolyse water and separate hydrogen from oxygen, made up less than 1 per cent of US hydrogen production. While it has been criticised for being expensive relative to fossil fuels and brown hydrogen, the plummeting cost of renewable energy should help make emissions-free hydrogen more commercially viable over the coming decade.
The green hydrogen industry stands to benefit from major government and private funding to expand production; the Hydrogen Council expects US$300 billion to be invested globally over the next decade. And it is a key pillar of the US Inflation Reduction Act, with a new tax credit for clean hydrogen.
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