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The Paris-based International Energy Agency (IEA) said on Monday it called on governments to increase investment in hydrogen to reach a benchmark of $1.
2 trillion by 2030
.
In its 2021 Global Hydrogen Assessment Report, the energy watchdog said governments spent about $37 billion on the development and deployment of hydrogen strategies and private entities about $300 billion
.
Investments should be directed towards incorporating hydrogen into more industries and developing technologies to reduce the cost of renewable energy, the IEA said
.
In its report, the IEA announced that almost all hydrogen produced today comes from fossil fuels without carbon capture, resulting in nearly 900 million tonnes of carbon dioxide emissions, equivalent to the combined carbon dioxide emissions of the United Kingdom and Indonesia
.
There are nearly 400 global hydrogen projects currently under construction that will provide 8 million tonnes of hydrogen per year by 2030, up from 50,000 tonnes in 2021
.
However, this is one-tenth of what the IEA needs to achieve its net-zero carbon emissions target by 2050
.
