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The Energy Transition Commission (ETC) said in a report on Tuesday that decarbonizing energy and other sectors globally through the use of hydrogen will require nearly $15 trillion in investment
by 2050.
So-called green hydrogen is produced by using renewable energy to drive electrolyzers to convert water, but this hydrogen is currently too expensive to be widely used
.
Proponents say infrastructure investment and more demand for transportation, gas networks and industry will reduce costs
.
To reach global net-zero emissions by mid-century, clean energy must be at the heart of decarbonizing every sector, and hydrogen will play an important role
in decarbonizing sectors such as steel and transportation, ETC said.
By mid-century, hydrogen use is expected to grow from 115 million tonnes per year to 50-80 billion tonnes by mid-century, accounting for 15-20%
of total final energy demand.
ETC said producing green hydrogen would require a zero-carbon electricity supply, adding 30,000 terawatt hours (TWh) by 2050, while decarbonization typically requires 90,000 TWh
.
This will require an investment of about $15 trillion, peaking at about $800 billion a year in the late 2030s, not only to produce hydrogen, but also for the power system to support the massive use of hydrogen
.
About 85% of the required investment is for power generation, while 15% is for electrolyzers, hydrogen production facilities, and transportation and storage infrastructure
.
Given the limited capacity and high cost of compressed hydrogen vessels, large-scale geological storage will be required to produce hydrogen
.
The Energy Transition Commission (ETC) said in a report on Tuesday that decarbonizing energy and other sectors globally through the use of hydrogen will require nearly $15 trillion in investment
by 2050.
So-called green hydrogen is produced by using renewable energy to drive electrolyzers to convert water, but this hydrogen is currently too expensive to be widely used
.
Proponents say infrastructure investment and more demand for transportation, gas networks and industry will reduce costs
.
To reach global net-zero emissions by mid-century, clean energy must be at the heart of decarbonizing every sector, and hydrogen will play an important role
in decarbonizing sectors such as steel and transportation, ETC said.
By mid-century, hydrogen use is expected to grow from 115 million tonnes per year to 50-80 billion tonnes by mid-century, accounting for 15-20%
of total final energy demand.
ETC said producing green hydrogen would require a zero-carbon electricity supply, adding 30,000 terawatt hours (TWh) by 2050, while decarbonization typically requires 90,000 TWh
.
This will require an investment of about $15 trillion, peaking at about $800 billion a year in the late 2030s, not only to produce hydrogen, but also for the power system to support the massive use of hydrogen
.
About 85% of the required investment is for power generation, while 15% is for electrolyzers, hydrogen production facilities, and transportation and storage infrastructure
.
Given the limited capacity and high cost of compressed hydrogen vessels, large-scale geological storage will be required to produce hydrogen
.
