Humanity is facing an uphill battle when it comes to preserving our planet. In order to avert some of the worst effects of climate change, experts say that we need to stop global temperatures from rising 1.5 °C above pre-industrial levels. To do this, global carbon emissions need to drop to zero by 2050. It will take a variety of solutions to achieve these goals. However, one solution that’s gaining traction is green hydrogen.
Green hydrogen is hydrogen produced exclusively from renewable energy sources. One of the crucial advantages of green hydrogen is that it is a clean-burning molecule that can help us decarbonize a range of sectors, such as iron, steel, chemical, and transportation industries, which have proved hard to clean up in the past.
If we are serious about decarbonization and about to enter a world with zero carbons, there is no choice but to use hydrogen. Renewable energy can help reduce a massive percentage of total carbon emissions worldwide since various industries and downstream products still emit carbon but have nothing to do with renewable energy. In this case, green hydrogen can be the best solution. A research study has predicted 15.7% compounded annual growth rate (CAGR) for the global green hydrogen industry during 2021-26.
Since hydrogen is very reactive, it is not found freely in nature. It only exists combined with other elements. For example, water is the combination of two hydrogens & one oxygen atom. As a result, hydrogen must be extracted from naturally occurring compounds like water, i.e., an energy-intensive process. Globally, hydrogen production is responsible for around 830 tons of CO2 in a year, which is why green hydrogen is so appealing but producing it is still expensive.
Although costs are coming down, several challenges are faced while producing hydrogen. It includes the lack of infrastructure for transportation & storage of hydrogen. However, overcoming these challenges shall help the hydrogen market grow dramatically in revenue over the coming years.
What is the role of Green Hydrogen in a carbon-free future?
Hydrogen can be stored in numerous different ways. The overwhelming majority of hydrogen produced today is through fossil fuels. Brown hydrogen is made from coal in a process known as gasification. On the other hand, grey hydrogen is produced using natural gas through a method known as steam methane reforming. A downside of these processes is that they emit a large amount of carbon dioxide.
Another way of producing hydrogen is the process known as electrolysis, wherein the compound used is freshwater, which splits into hydrogen and oxygen. The electricity is produced using renewable sources, viz., wind & solar energy sources, and the subsequent hydrogen is known as Green Hydrogen.
Around the world, the majority of hydrogen usage is in the oil refining industry. With recent advancements in green hydrogen development & storage and the global push towards sustainability, green hydrogen is becoming immensely appealing across more industries.
What will be the future of Green Hydrogen?
Green hydrogen shall account for a considerable share of our total energy requirements over the coming years. However, this would require a massive amount of additional renewable electricity generation and substantial investments in production, storage, and transportation infrastructure.
Nevertheless, green hydrogen is projected to be one of the best energy source options, owing to the drop in the cost of hydrogen production from two sources, viz., electrolyzer prices and renewable energy costs. With the mounting adoption of hydrogen fuel cells and other hydrogen applications, the overall costs shall reduce. Hence, green hydrogen expects to replace a few fossil fuel applications in the coming years.
Source:- https://www.marknteladvisors.com/