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GREEN HYDROGEN ECONOMY: A GLOBAL SHIFT TOWARDS SUSTAINABLE FUTURE

 “One of the goals that countries throughout the world have set for 2050 is to decarbonize the planet. Decarbonizing the production of an element like hydrogen, resulting in green hydrogen, is one of the keys to achieving this, as hydrogen now accounts for more than 2% of total global CO2 emissions.”

Green hydrogen is expected to be a key component of the energy transition. Green hydrogen now makes up less than 1% of total hydrogen production. However, during the next 20 years, global demand for green hydrogen and its applications is predicted to grow at an exponential rate, implying that this renewable energy source will play a key part in the energy revolution. Green hydrogen can be utilized for a variety of reasons, including fuel, industrial, and household.

The opportunity of Integrated Hydrogen Production System

The H2 supply chain can benefit from integrating H2 production within a large-scale industrial complex. There are numerous compromises in the industrial sector that can be taken advantage of when considering an integrated hydrogen production system based on the most cutting-edge renewable energy technology. Hydrogen can be made from a variety of sources, including fossil fuels (ideally with carbon collection, use, and storage), sustainable biomass, non-food plants, nuclear power, and renewable energy sources (e.g., wind, solar, geothermal, and hydro-electric). Hydrogen is such a potential energy source and carrier because of the variety of available supply sources.

Read More :-  https://www.pukkapartners.com/insight/green-hydrogen-economy-a-global-shift-towards-sustainable-future

Qatar boasts the world's largest GTL plant, capable of producing 280,000 barrels of water as a byproduct of its operations. This could be a viable water supply that can be used with electrolysis to produce H2. The industrial towns in Qatar for natural gas-based industry comprise GTL, LNG, and large-scale petrochemical facilities, which can offer chances to trade material streams to considerably lower H2 production costs by integrating them in the considered industrial facilities. When contemplating the integrated hydrogen production complex with those industries that might provide mutual benefits, there will be numerous factors to consider.

Conclusion: Reducing the cost of green hydrogen

Despite the fact that interest in green hydrogen is at an all-time high, significant obstacles remain in the way of it completely contributing to the energy transition. The biggest impediment is the high cost of green hydrogen in comparison to grey hydrogen and fossil fuel sources.

The cost of hydrogen from renewable sources will decline considerably more steeply than previously projected with the correct political support. BloombergNEF (BNEF) projects that by 2050, the cost will have decreased by 85 percent.

This price drop is linked to lower renewable energy costs, as well as the development of green hydrogen transport and storage systems.

Green hydrogen has a long way to go before it takes its appropriate place in the energy transition and sustainable development. Green hydrogen, on the other hand, appears to have a promising future. The race for a sustainable future powered by renewable energies is gaining steam at a breakneck pace.

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