The war in Ukraine has spurred $73bn of fresh public and private investment in green hydrogen as falling costs have made fossil fuel-produced hydrogen uneconomic as gas prices soar, according to a Carbon Tracker report.
As a result of higher gas-feed prices, $100bn of ‘dirty’ hydrogen assets may become stranded by 2030, the Clean Hydrogen’s Place in the Energy Transition report found.
Since the start of the conflict natural gas prices, a major feedstock for producing fossil fuel-produced hydrogen (blue and grey), has soared by more than 70% on international markets triggering an energy crisis and pushing lawmakers worldwide to urgently source alternative sources of fuel.
The surge in the gas price has caused the levelised cost of fossil-produced hydrogen to jump and accelerated investment and plans to build out more clean hydrogen assets as interest in the fuel rises, amid technological advances in its manufacture and falling costs.
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