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Research by Bloomberg New Energy Finance (BNEF) shows that falling costs of producing hydrogen from renewable sources offer a promising pathway to reduce emissions, but governments need to step in and provide $150 billion in subsidies over the next decade to scale up the technology
.
BNEF estimates that renewable hydrogen could be made by splitting water into hydrogen
and oxygen using cheap wind and solar power.
The technology is currently funded by businesses, and if governments provide $150 billion over the next 10 years (less than half of the current subsidies for fossil fuel consumption), it could help cut the cost of producing hydrogen from renewable sources in half
.
In its Hydrogen Economy Outlook, BNEF notes that the current use of carbon-free hydrogen is small and costly, which slows the deployment
of hydrogen production, storage and transportation infrastructure.
Kobad Bhavanagri, head of BNEF's industrial decarbonisation unit, said: "This will require policy coordination between governments, a framework for private investment, and the introduction of around $150 billion in subsidies
over the next decade.
”
According to BNEF, in Europe and North America, the cost of producing hydrogen from renewable energy has fallen by 40 percent in Europe and North America, while systems made in China are 80 percent
cheaper than prices in Western countries.
This has encouraged industries such as steel, heavy vehicles, shipping, cement, fertilizer and power generation to explore measures to replace natural gas with hydrogen to reduce carbon emissions
under climate goals.
In Japan, automaker Toyota seeks to build hydrogen-powered cities and transportation; In Germany, oil majors and utilities, including BP and RWE, plan to build plants and pipelines, while the government is working on a hydrogen strategy
.
BNEF said that if $150 billion in subsidies are provided, the cost of producing hydrogen from renewable sources could fall to $1.
14-2.
71 per kilogram by 2030, compared to $2.
53-4.
57 per kilogram today
.
It is estimated that production costs could even fall to $0.
8-1.
6 in most parts of the world by 2050, which makes hydrogen compatible with current natural gas in Brazil, China, India, Germany and Scandinavia.
Competitively priced.
Research by Bloomberg New Energy Finance (BNEF) shows that falling costs of producing hydrogen from renewable sources offer a promising pathway to reduce emissions, but governments need to step in and provide $150 billion in subsidies over the next decade to scale up the technology
.
BNEF estimates that renewable hydrogen could be made by splitting water into hydrogen
and oxygen using cheap wind and solar power.
The technology is currently funded by businesses, and if governments provide $150 billion over the next 10 years (less than half of the current subsidies for fossil fuel consumption), it could help cut the cost of producing hydrogen from renewable sources in half
.
In its Hydrogen Economy Outlook, BNEF notes that the current use of carbon-free hydrogen is small and costly, which slows the deployment
of hydrogen production, storage and transportation infrastructure.
Kobad Bhavanagri, head of BNEF's industrial decarbonisation unit, said: "This will require policy coordination between governments, a framework for private investment, and the introduction of around $150 billion in subsidies
over the next decade.
”
According to BNEF, in Europe and North America, the cost of producing hydrogen from renewable energy has fallen by 40 percent in Europe and North America, while systems made in China are 80 percent
cheaper than prices in Western countries.
This has encouraged industries such as steel, heavy vehicles, shipping, cement, fertilizer and power generation to explore measures to replace natural gas with hydrogen to reduce carbon emissions
under climate goals.
In Japan, automaker Toyota seeks to build hydrogen-powered cities and transportation; In Germany, oil majors and utilities, including BP and RWE, plan to build plants and pipelines, while the government is working on a hydrogen strategy
.
BNEF said that if $150 billion in subsidies are provided, the cost of producing hydrogen from renewable sources could fall to $1.
14-2.
71 per kilogram by 2030, compared to $2.
53-4.
57 per kilogram today
.
It is estimated that production costs could even fall to $0.
8-1.
6 in most parts of the world by 2050, which makes hydrogen compatible with current natural gas in Brazil, China, India, Germany and Scandinavia.
Competitively priced.
