\n Pipes partially painted green and bearing the words green hydrogen<\/p>\n
\u00a0<\/p>\n
\n Pipes partially painted green and bearing the words green hydrogen<\/p>\n
Investment in low-carbon hydrogen capacity jumped in the 12 months ending in July. There are now 510 projects beyond the final investment decision stage, a new report finds.<\/p>\n
Credit:
\n Shutterstock <\/p>\n
Investment in the production of low-carbon hydrogen is gathering pace despite some cancellations and a backlash within some companies against expensive projects intended to combat climate change.<\/p>\n
Investment in low-carbon hydrogen increased by $35 billion to more than $110 billion in the 12 months through July, according to the Global Hydrogen Compass<\/a>, a report published by the hydrogen industry organization the Hydrogen Council and coauthored by the consulting firm McKinsey. The investment is associated with 510 projects that are past the final investment decision stage, under construction, or already operational, the report\u2019s authors found. An additional 1,200 projects are at earlier stages.<\/p>\n The 510 projects are collectively set to provide about 6 million metric tons (t) per year of new low-carbon hydrogen, putting the sector on course to deliver 9 million\u201314 million t per year of low-carbon hydrogen by 2030. The report looks mainly at projects intended to produce green hydrogen via water electrolysis and blue hydrogen from fossil fuels but with the capture of by-product carbon dioxide.<\/p>\n \u201cThe Global Hydrogen Compass sends a strong message: our industry has entered the next chapter of build-out, moving from ambition to delivery,\u201d Jaehoon Chang, vice-chair of Hyundai Motor Group and cochair of the Hydrogen Council, says in a press release<\/a>. \u201cWe are seeing tangible proof of progress.\u201d<\/p>\n China leads the investment with $33 billion, followed by North America with $23 billion and Europe with $19 billion. Despite its relatively low level of investment, Europe is set to account for nearly two-thirds of expected global low-carbon hydrogen demand by 2030. Meanwhile, North America stands out as the only region in the world investing mostly in blue hydrogen. All others are focused almost entirely on green hydrogen.<\/p>\n The rise in investment comes despite the cancellation of several low-carbon hydrogen projects by prominent companies. For example, earlier this year, Air Products and Chemicals <\/a>dropped a green hydrogen plant in New York. In August, BASF and Yara International canceled a low-carbon hydrogen and ammonia project on the US Gulf Coast<\/a>. Global Hydrogen Compass calculates that about 50 projects have been canceled in the past 18 months.<\/p>\n Hydrogen Europe, a regional industry group, says it is not surprised by the report\u2019s findings. \u201cThe narrative that hydrogen is all hype and no substance has very much taken hold across large segments of the media,\u201d the organization says in an email. \u201cIn a very short time, hydrogen has gotten to megawatt and multi-megawatt scale faster than wind or solar managed in their nascent stages. There are even electrolyser gigafactories in operation and under construction around Europe. Hydrogen is happening.\u201d<\/p>\n More than 70 CEOs from the hydrogen supply chain participated in interviews or a survey to provide information for the report. Some 70% of the respondents indicated that their appetite for investing in clean hydrogen projects has either remained stable or increased in the past 2 years; 30% believe China is far ahead in developing the global hydrogen economy, and 80% expect clean hydrogen to have a significant role in energy systems.<\/p>\n \n Chemical & Engineering News<\/p>\n ISSN 0009-2347<\/p>\n Copyright \u00a9
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