Hydrogen's potential in future economy
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Hydrogen as a climate solution is generating a lot of excitement right now. .... According to McKinsey research, demand is projected to grow four- to sixfold by 2050. Hydrogen has the potential to cut annual global emissions by up to 20 percent by 2050.
Today, most hydrogen is produced with fossil fuels. This type is commonly known as grey hydrogen, which is used mostly for oil and gas refining and ammonia production as an input to fertilizer. To maximize hydrogen's potential as a decarbonization tool, clean hydrogen production must be scaled up. One variety of clean hydrogen is known as green hydrogen, which can be made with renewables instead of fossil fuels. Another variety, often called blue hydrogen, can be produced with fossil fuels combined with measures to significantly lower emissions, such as carbon capture, utilization, and storage. Clean hydrogen has the potential to decarbonize industries including aviation, fertilizer, long-haul trucking, maritime shipping, refining, and steel.
...but there is a long way to go to meet future demand....
To scale clean hydrogen, three things must happen. First, production costs need to come down so that hydrogen can compete on price with other fuels. One way to keep costs down is by producing hydrogen in locations with abundant, cheaper renewable energy—where the wind blows or the sun shines. While renewables development has accelerated in recent years, a lack of available land could become an issue for the deployment of renewables and could limit location options for green-hydrogen producers. Constructing plants for both renewable generation and green-hydrogen production has become more expensive recently because of increased material and labor costs and constrained supply chains. |
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