The growth of green hydrogren
Growing energy consumption makes transitioning our energy systems from fossil fuels to low-carbon energy sources more difficult. New low-carbon energy has to meet this additional demand and try to displace existing fossil fuels in the energy mix.
Green hydrogen could be a critical enabler of the global transition to sustainable energy. Hydrogen can be used in fuel cells to generate electricity or power and heat. Furthermore, hydrogen is emerging as one of the leading options for storing energy from renewables, potentially transporting energy from renewables over long distances.
What is green hydrogen? Hydrogen is the smallest element in the periodic table. No matter how it is produced, it ends up as a carbon-free molecule. However, the pathways to make it are very diverse, and so are the emissions of greenhouse gases. Green hydrogen is hydrogen produced using renewable electricity. Differing from grey and blue hydrogen, which are produced using methane, CO2 and often coal.
Overview of the ecosystem: The Green Hydrogen ecosystem has grown a significant amount in a short time to reach a combined enterprise value of $30B, up from $5B in 2019.
The bottom line: Governments and industry both acknowledge hydrogen as an essential pillar of a net-zero economy. The success of renewable energy technologies and electric vehicles has shown that policy and technology innovation has the power to build global clean energy industries. Green hydrogen can benefit from this creating a more sustainable energy future.
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