The declining cost of making hydrogen from renewable sources could pave the way for cutting emissions in some of the most fossil fuel-dependent sectors of the economy. This is according to a Bloomberg New Energy Finance (BNEF) report that projects global greenhouse emission could be cut by 34% by 2050, if a switch is made to ‘clean’ hydrogen. Kobad Bhavnagri, Head of Industrial Decarbonisation for BNEF, said: “Hydrogen has potential to become the fuel that powers a clean economy. In the years ahead, it will be possible to produce it at low cost using wind and solar power, to store it underground for months, and then to pipe it on-demand to power everything from ships to steel mills.” The study suggests that renewable hydrogen could be produced at $0.8 (£0.65) to $1.6$ (£1.3) in most of the world by 2050, at par with natural gas prices in Brazil, China, India, Scandinavia and Germany.
Energy Live News 7th April 2020 read more »