On the eve of the COP27 summit in Egypt on November 6-18, where world leaders are set to gather to take action towards achieving global climate goals, H2 View is taking a look back at the reaffirmed calls for more and immediate action to be taken.
2022 has seen a ramp up across the renewable energy, and indeed, the hydrogen industry, at a pace before unseen. New financial commitments range from the European Investment Bank (EIB), which just weeks ago committed an additional €5bn ($4.8bn), to the REPowerEU plan which looks to cut the continent’s emissions by 55% by 2030.
In the US, the Inflation Reduction Act held what has been described as by President Biden as the “most significant legislation in history to tackle the climate crisis”, offering up to $3/kg of low-carbon hydrogen produced, as well as substantial investments to see fuel types from nuclear, renewables, and fossil fuels to be produced and used in the ‘cleanest possible way.’
Australia, in September (2022), passed its Climate Change Bill which set a 43% emission reduction target by 2030, against 2005 levels, with intentions of achieving Net Zero by 2050, with many expecting hydrogen to play a key role in meeting the ambitious targets.