With thousands of people currently convened in Glasgow for the COP26 Summit, the Hydrogen Council CEO coalition has called on world leaders to show a concentrated effort to materialise hydrogen plans across the globe.
Such calling comes in tandem with the release of two Hydrogen Council reports, one of which projects that global demand for renewable and low carbon hydrogen could grow by 50%, and by 2050 hydrogen could contribute to over 20% of global carbon abatement.
These statistics, along with the recognition that the industry has already built a solid foundation with more than 520 large-scale projects and 90+ GW of electrolyser production capacity, comes from Hydrogen for Net Zero paper.
Although these facts, figures and outlooks, may highlight great advancements in the hydrogen industry, the Hydrogen Council CEO coalition want more frontloading investments, policy support and wider awareness for the energy carrier.
“Put simply – there is no climate solution without hydrogen. We know from past experiences with technologies, such as wind and solar, that frontloading investments and policy support in early market development phase can bring down costs quickly, enabling deployment at scale,” said Daryl Wilson, Executive Director of the Hydrogen Council.
Focusing more so on the policy aspect of the Hydrogen Council’s asks, the coalition has released the Policy Toolbox for Low Carbon and Renewable Hydrogen, a first of its kind assessment of dozens of hydrogen policy measures across different segments of the value chain.
Shedding light on the need for factoring in policy design, societal values and benefits associated with the hydrogen economy, the report notes that an effective set of policy and regulatory measures can provide the necessary visibility to investors in short-to-medium term, as well as longer term to reduce project risks and costs and drive uptake.
“Our new reports not only define how hydrogen can grow into an economy-wide solutions by 2050, but off practical recommendations on how to get there: by ramping up investments within the next decade, underpinned by efficient policy design,” Wilson continued.
Further reinforcing its strong backing for hydrogen, the Hydrogen Council states that hydrogen can provide the lowest-cost decarbonisation solution for over a fifth of final energy demand by mid-century – contributing a cumulated reduction of 80-gigatonnes of CO2 – and is thus an essential solution to reach the 1.5°C climate scenario.
However, to achieve this, close public-private collaboration is “critical” and a fourfold increase in investment is required by 2030 to put the world on the trajectory to achieve net-zero.
Benoît Poiter, Chairman and CEO of Air Liquide and Co-Chair of the Hydrogen Council, added, “Global warming is a key challenge of our times. Hydrogen is now widely recognised as a key element of a successful energy transition.
“To accelerate, governments and the industry must synchronise efforts to materialise its potential in order to actually meet net-zero targets. The data and policy guidance release today by the Hydrogen Council are critical in the context of COP26.
“This is a call to action for decision-makers and industry to join forces and realise planned activity, to set the transition up for success.”