The World Business Council for Sustainable Development (WBCSD) and the Sustainable Markets Initiative (SMI) have revealed a 28-company strong initiative to drive growth and demand for hydrogen.
Revealed at COP26, the new initiative dubbed H2Zero will aim to accelerate the use and production of hydrogen as an essential part of the future net-zero energy system.
This will see the initiative target 11GW of hydrogen production by 2030.
To support the targets set out by the H2Zero initiative, 28 international companies have pledged to work towards developing hydrogen across various different sectors including mining, energy, vehicle, equipment manufacturers, and financial services.
The Hydrogen Council estimates that in 2030, the decarbonisation potential for hydrogen could equate approximately 800 million tonnes per annum (mtpa) of carbon dioxide (CO2) emissions avoided with the initiative aiming to equate nearly one quarter of this total.
Hydrogen will also be a key focus with the pledge aiming to provide 1.6 mtpa of lower-carbon intensity hydrogen to replace the currently used grey hydrogen across refineries, chemical and fertiliser sectors.
A pledge will also add more than 18 mtpa of lower-carbon hydrogen to global sectors as a push to replace grey hydrogen in industrial heat and petrol fuels in transportation.
Ben van Beurden, CEO of Shell and Chair of the Hydrogen Taskforce at Sustainable Markets Initiative, said, “The uncertainty over supply and the lack of commitment for demand are two challenges associated with the development of hydrogen as part of the global energy system.
“We brought companies together to tackle this status quo and send a strong signal to markets and governments for hydrogen to reach its full potential.”
Claire O’Neill, Senior Advisor at the World Business Council for Sustainable Development and former COP26 President-Designate, said, “Our hope is that these combined pledges spark investments in supply and inspire other users to transition to hydrogen.
“To further accelerate the development of the hydrogen market, we are encouraging more companies to join this effort and make pledges.
“We stand ready to work with any company from any sector who is interested in driving progress towards a net-zero, nature positive and equitable future for 9+ billion people to live, within planetary boundaries, by 2050.”
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