Green hydrogen is a promising clean energy source, but its development is hindered by high production costs, transportation challenges, and a lack of binding purchase agreements.
Green hydrogen was the buzzword on everyone’s lips a couple of years ago, but the initial hype seems to have faded away as the industry takes time to build capacity and overcome production and transportation hurdles. Several countries have set out ambitious green hydrogen production aims for the coming decades, as they strive to decarbonise hard-to-abate industries. However, as governments and the private sector increase investments in green hydrogen , the sector is taking time to develop.
The EU aims to produce 10 million metric tonnes of carbon-free hydrogen by the end of the decade and import around the same amount. In the U.S., President Biden has invested $8 billion in the certation of “hydrogen hubs,” clusters of businesses that produce and use the fuel. However, to date, the green hydrogen industry has attracted few customers. Most of the current purchase agreements for green hydrogen are nonbinding, meaning that buyers can back out at any minute.
Decarbonization Electrolysis Renewable Energy Production Costs Transportation Purchase Agreements Government Investment Private Sector Investment Energy Transition
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