Hydrogen [New] To become climate-neutral by 2050, the European Commission plans to increase the use of hydrogen energy from the current 2% to 23%, as well as the 'green hydrogen' from renewable energy sources such as wind or solar power. [New] On the way to 2050, renewable hydrogen should progressively be deployed at large scale alongside the roll-out of new renewable power generation, as technology matures and the costs of its production technologies decrease. [New] Hydrogen is expected to play a significant role in the world's future energy mix, as countries strive to achieve net-zero emissions goals by 2050, so hydrogen production, processing and exporting in Saskatchewan could lead to significant economic impacts. In a third phase, from 2030 onwards and towards 2050, renewable hydrogen technologies should reach maturity and be deployed at large scale to reach all hard - to - decarbonise sectors where other alternatives might not be feasible or have higher costs. A conservative estimate of a potential hydrogen industry in Australia could see it contribute around $11 billion a year to Australia's GDP, as well as creating 7,600 new jobs. Although demand for natural gas at end consumer level is replaced by hydrogen in System Transformation, hydrogen is produced from natural gas which causes demand to remain high out to 2050. A consortium of 11 gas infrastructure companies have produced plans to create a hydrogen pipeline network of almost 23,000 km by 2040. By 2030, an initial EU pipeline network of 6,800 km will connect local clusters of hydrogen production and use - so-called hydrogen valleys. Large electrolysis-based hydrogen-producing capacities with hundreds of megawatts of capacity have been announced and are expected to be operational in the early 2020s: the hydrogen they produce will be used for fuels transformation, chemical production and hydrogen blending into natural gas grids. Hydrogen will play a major role in decarbonising Australia's natural gas networks and help to achieve a target of reaching near zero emissions by 2050. The goal of making green hydrogen, produced by electrolysing water using renewable energy, cost-competitive with conventionally produced hydrogen within a decade is at least ten years ahead of the schedule projected by Wood Mackenzie. McKinsey predicts by 2024 an additional 3,200 MW of electrolysers dedicated to green hydrogen in the world, or essentially a near tenfold increase. By 2050, we expect 2,250 TWh of hydrogen in Europe, which represents roughly a quarter of the EU's total energy demand in 2050. Australia could deliver renewable hydrogen at US$1.48 per kilogram by 2030 and 84 c/kg by 2050, and that hydrogen produced for US$0.8 to US$ 1.6/kg is equivalent to gas priced at US$ 6-12 / MMBtu. The European Commission mapped out its vision to promote renewable hydrogen, a sector expected to lure up to 470 billion euros (£420.97 billion) in investment as the European Union strives for net zero emissions by 2050. The development of clean hydrogen has the potential to reduce carbon emissions in European industries by 90 million tons per year by 2030. The European Commission has just launched an ambitious hydrogen strategy to increase capacity to produce green hydrogen six-fold by 2024, and use it to decarbonise existing sectors like the chemicals industry. The Northern Territory has unveiled a strategy to transform Australia's Top End into a world leader in the transition to renewable hydrogen and to contribute to the NT Labor government's commitment to reach net-zero emissions by 2050. The European Commission will open its first annual Eur1 billion ($1.1 billion) call to fund large-scale renewables, clean hydrogen, energy storage, and carbon capture and storage / use projects by the end of July. The approach chosen by transmission system operators considers blending hydrogen into the natural gas system only where connecting to a purely hydrogen infrastructure is not economically possible in the period covered by the Gas Network Development Plan 2020-2030. See full forecast Last updated: 09 August 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
