echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > International Chemical > Green hydrogen will be more economical than fossil fuels by 2033

    Green hydrogen will be more economical than fossil fuels by 2033

    • Last Update: 2021-06-29
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    According to Anadolu News on June 11, Wood Mackenzie, a global energy consulting company, said on Wednesday that it is assumed that the electricity price per megawatt hour by 2030 is US$30.
    By 2028-2033, green hydrogen will Can compete with fossil fuels
    .

    Ben Gallagher, principal analyst at Wood Mackenzie, said that in the past 18 months, an increasingly active low-carbon hydrogen market has witnessed government support, corporate commitments, announced projects, and even the interest of bystanders
    .

    He said that this activity is equivalent to a paradigm shift, turning green hydrogen produced by the use of renewable energy to electrolyze water as a key element of the energy transition
    .

    Gallagher said that increasing attention to net-zero targets is in favor of green hydrogen
    .

    Gallagher pointed out: "Last year we saw the decisive fulcrum of global decarbonization, which is very positive for zero-carbon technology
    .


    " Japan, South Korea and Canada recently announced net zero emission reduction targets, as well as the United States' renewed commitment to the Paris Agreement.


    Since green hydrogen is a major beneficiary, Gallagher said that electrolytic low-carbon production now accounts for 67% of the entire hydrogen pipeline
    .

    Gallagher said that the European Union’s green recovery package announced last year earmarked 150 billion euros for green hydrogen
    .

      He said: "This financial commitment is accompanied by specific targets for electrolyzer capacity-between 2020 and 2024, the first phase will have an installed capacity of 6 GW, and the second phase by 2030 will have an installed capacity of 40 GW
    .


    "

      Gallagher said the direct result is that Europe is currently driving growth, accounting for 79% of the entire low-carbon hydrogen pipeline
    .


    However, he warned that this dominance will be temporary, as 17 countries including Japan, South Korea, and Canada have announced a hydrogen strategy, roadmap or vision that is in line with the global trend towards net-zero goals.


      He said that after the decline in pandemic-related investments in the second and third quarters of 2020, investment in low-carbon hydrogen has risen again.
    In the first quarter of 2021 alone, investment in the hydrogen market will reach at least US$4.
    5 billion, and announced 55 Items
    .

      The ability to manufacture larger electrolyzers that can produce green hydrogen on a large scale is a key factor in the rapid expansion of the industry
    .

      Gallagher said that this also has the usual advantages of scale in terms of cost reduction
    .


    "Our own estimate is that if the electricity price in 2030 is $30/MWh, by 2028-2033, green hydrogen will compete with fossil fuels


    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.