Further investment and focused policies are required to support the growing hydrogen industry in reaching its full potential in the race for net zero emissions.
Revealed in a report by the International Energy Agency (IEA) today (Oct 4), Governments need to move faster to support hydrogen with a wide range of policies that could help early adoption and increase investment in the industry.
This will ultimately help the clean energy carrier to reach its full potential and play a pivotal role in reaching net zero emission targets.
Within the report Global Hydrogen Review 2021 the IEA identified five key areas in which governments could use to define a comprehensive policy framework to support hydrogen adoption across a range of sectors.
The five recommendations include establishing targets and long-term policy signals, support demand creation, mitigate investment risks, promote research and development, innovation, strategics demonstration projects and knowledge sharing, and also harmonise standards and remove barriers.
In doing so, hydrogen could be widely adopted and scaled up across the entire energy system.
One of the key findings from the report finds that the cost of hydrogen fuel cells is continuing to fall whilst sales of fuel cell vehicles is growing.
The IEA has also found that the global capacity of electrolysers has doubled in the last five years with about 350 projects currently under development with a further 40 in early stages.
Increasing the number of electrolysers, which produce hydrogen, could help accommodate the growing need for hydrogen and with the technological and innovative developments in this field, it could also make hydrogen at a competitive price.
Fatih Birol, Executive Director of IEA, said, “It is important to support the development of low-carbon hydrogen if governments are going to meet their climate and energy ambitions.
“We have experienced false starts before with hydrogen, so we can’t take success for granted. But this time, we are seeing exciting progress in making hydrogen cleaner, more affordable and more available for use across different sectors of the economy.
“Governments need to take rapid actions to lower the barriers that are holding low-carbon hydrogen back from faster growth, which will be important if the world is to have a chance of reaching net zero emissions by 2050.”
You can read the full report here.
US DOE, General Motors, Microsoft and Plug Power
What does the US Department of Energy (DOE), General Motors, Microsoft and Plug Power have in common? They’re all speaking at H2 View’s North American Virtual Hydrogen Event in October. Will you be joining us on October 19?
North America is in a prime position to lead efforts in decarbonisation, but it still has great distances to travel. The region has been giving chase in a race to green hydrogen dominated by Europe and Asia-Pacific. If policymakers and industry can work together and take the right steps to realise a hydrogen vision, the region is perfectly placed to expand its global energy leadership at scale and speed.
What lessons can be learned from Europe’s policymakers? What are the challenges to be overcome? What are the strengths and opportunities? How can North America go from giving chase to taking a lead in hydrogen? These are all questions our virtual event will address across H2 View’s four pillars of Mobility, Power, Policy and Technology.
Further information on the event, agenda and confirmed speakers can be found here.
To book your virtual delegate pass, click here.