Navigating the Hydrogen Horizon: Heavy Industry's Impact Worldwide
Key Ideas
- Heavy industry sectors are projected to drive global hydrogen demand until 2050, with South Korea, Japan, and Europe leading the initial markets.
- Current scenarios indicate significant volatility in hydrogen demand, posing challenges for businesses and investors.
- Meeting the projected 30 million tonnes of annual green hydrogen demand would necessitate 411 new hydrogen vessels and massive renewable electricity production.
- The report emphasizes the need for supportive infrastructure, incentives, and long-term certainty to facilitate the uptake of green hydrogen in new sectors.
The International Chamber of Shipping (ICS) recently released a report highlighting the expected dominance of heavy industry sectors in driving global hydrogen demand until 2050. Led by Dr. Stefan Ulreich, the report delves into the potential of clean hydrogen as an energy carrier and feedstock for decarbonizing various challenging sectors. It stresses the unprecedented scale of renewable electricity required for green hydrogen production and the associated opportunities and challenges. Guy Platten, the ICS Secretary General, underscores the need for a substantial increase in hydrogen-based fuel sources to achieve a net-zero scenario by 2050. He also emphasizes the critical role of the shipping industry in facilitating the hydrogen economy. The report identifies South Korea, Japan, and the EU as primary markets driving hydrogen demand initially, with specific targets set by Europe for hydrogen usage by 2030. Professor Ulreich highlights the necessity of expanding the fleet for hydrogen transportation to meet the projected global demand. Overall, the report underscores the importance of developing supportive infrastructure, incentives, and a conducive environment to enable the widespread adoption of green hydrogen in emerging sectors.
Topics
Asia
Renewable Energy
Infrastructure
Energy Transition
Decarbonisation
Economics
Market Analysis
Shipping
Global Demand
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