Green hydrogen costs are expected fall by up to 64% by 2040, according to new research from energy consultancy Wood Mackenzie that also identifies the 2020s as the decade of hydrogen.
With the announced project pipeline for green hydrogen growing from 3.5GW to just over 15GW within the last ten months, Wood Mackenzie says volumes will be large enough and stable enough for the nascent market to scale.
“On average, green hydrogen production costs will equal fossil fuel-based hydrogen by 2040. In some countries, such as Germany, that arrives by 2030,” said Ben Gallagher, Wood Mackenzie Senior Research Analyst and Report Author.
“Given the scale up we’ve seen so far, the 2020s is likely to be the decade of hydrogen. Rising fossil fuel prices will boost green competitiveness, further strengthening the case for this technology in the coming years.”
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