A study by the Energy Transitions Commission (ETC) estimated nearly $15 trillion investments were needed until 2050 to decarbonise the world’s industries using hydrogen. The ETC, which consists of executives from the energy sector, said every industry must shift to clean energy to reach the net-zero emission target under the Paris Agreement. The commission believes that hydrogen will play an important role in achieving the goal.
Many governments and companies are backing green hydrogen to fuel vehicles and energy plants. Green hydrogen is produced from water by using renewable energy. However, the process is still uneconomical for widespread use. The ETC said that zero-carbon electricity supply needs to be increased to more than 90,000 TWh in 2050, and it requires a total investment of around $15 trillion. Around 85% of the needed investment would be in the renewable electricity system, while the remainder will be spent on electrolysers and associated production, transport, and storage facilities.
