Fostering Global Trade in Renewable Hydrogen: Strategies for Market Development and Policy Frameworks
Key Ideas
- The publication explores the critical role of trade strategies in promoting renewable hydrogen and derivative commodities like ammonia and methanol.
- Policy suggestions include standardization, supportive government procurement, carbon pricing, and cross-border collaboration to foster global markets.
- Renewable hydrogen is projected to represent 14% of final energy consumption by 2050, particularly in chemical, fertilizer, and transport sectors.
- Success in renewable hydrogen markets will drive green industrial development, job creation, and support a transition to low-carbon energy.
The report titled "Enabling global trade in renewable hydrogen and derivative commodities" builds upon the previous WTO-IRENA joint report on green hydrogen production scaling. It emphasizes the importance of sound trade strategies in promoting renewable hydrogen and its derived products like ammonia, methanol, and e-kerosene. The publication provides practical suggestions for policymakers to foster global markets by focusing on areas such as standardization, certification, government procurement, carbon pricing, tariffs, and cross-border collaboration. It highlights that renewable hydrogen and its derivatives could comprise 14% of final energy consumption by 2050, with key applications in chemical manufacturing, fertilizer production, and heavy-duty transport. The report outlines the infrastructure requirements for market development, including pipelines and shipping facilities, and emphasizes the need for sustainable supply chains. It also stresses the significance of robust policy frameworks to drive market growth, ensure sustainable production, and facilitate international trade flows. The success in building renewable hydrogen markets is expected to boost green industrial development, create job opportunities, and support a smooth transition to low-carbon energy. The focus on global trade in renewable hydrogen showcases the potential for significant positive impacts on both environmental sustainability and economic growth.
Topics
Production
Renewable Energy
Sustainability
Energy Transition
Global Markets
Policy Frameworks
Trade Strategies
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