A major rollout of green hydrogen technologies could offset up to one third of global greenhouse gas emissions produced by fossil fuels and industry by 2050, according to a new report today by BloombergNEF (BNEF). The influential analyst’s ‘Hydrogen Economy Outlook’ estimates renewable hydrogen could be produced for between $0.8 to $1.6/kg in most parts of the world within the next three decades, a cost roughly equivalent to today’s natural gas prices in Brazil, China, India, Germany, and Scandinavia.
But to reach that price point, approximately $150bn of subsidies over the next 10 years would be needed to scale up the technology and build necessary supply infrastructure, alongside joined-up policy coordination across government and new frameworks for private investment, BNEF said. As things currently stand, however, policy support for the hydrogen economy is “insufficient”, the report notes.
Elsewhere, the report notes that the delivered cost of renewable hydrogen in China, India, and Western Europe, once storage and pipeline infrastructure is considered, could fall to around $2/kg ($15 per million thermal units – MMBtu) by 2030 and to $1/kg ($7.4/MMBtu) by 2050. But despite falling costs, carbon prices and emissions policies will be essential to drive use, given that the hydrogen is likely to remain a more expensive form of energy for some time by virtue of its being manufactured, the report explains.
Source: Business Green
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