Large-scale, global deployment of renewable hydrogen across the energy, transport and industrial sectors could reduce their annual emissions by up to 34% by 2050 – at a “manageable cost”. That is the key conclusion of Bloomberg NEF (BNEF’s) latest Hydrogen Economy Outlook report, published on Monday (30 March). The report details how producing hydrogen using wind or solar-powered electrolysis has, in the past, proven more expensive than traditional, non-renewable methods of artificial production, whereby acids are made to react with metals under conditions heated using fossil fuels. It goes on to predict that this trend will be turned on its head in the coming decades, as renewable energy costs come down and as innovative methods of green hydrogen production are scaled. Renewable hydrogen will be able to be produced for $0.80-$1.60 (£0.64-£1.30) per kg by 2050, in most global markets, the report concludes, around the same as current natural gas prices in major markets across South America, Asia and Europe. This prediction is founded on the basis that electrolyser technologies have seen their costs decrease by 40% since 2015 – a trajectory BNEF believes will continue if businesses and policymakers continue to ramp up deployment.
Edie 31st March 2020 read more »