An alliance between seven world-leading firms has recently been announced that will speed up the production and scale of green hydrogen by 50 times in the next six years. This will aid in the transformation of the most carbon-intensive industries in the world, which include the shipping, steelmaking, power generation, mining and chemicals industries.
The initiative, christened the Green Hydrogen Catapult, will see leaders in the green hydrogen industry such as Yara, Envision, Ørsted, ACWA Power, Snam, CWP Renewables and Iberdrola focus on the distribution of 25 GW of renewables-based hydrogen production to the year 2026. Their aim is to reduce the current cost of hydrogen by half to less than US$2/kg.
An recently analysis indicates that the price of US$2/kg may be the turning point that will turn green hydrogen and its derivative fuels into the energy source of choice in many sectors including long-range shipping, power-generation, mining, fertilizer and steel-production industries. In addition to this, a derivative of green hydrogen, green ammonia, is currently being tested to replace fossil fuels in thermal-power generation. This will significantly reduce the emissions intensity of the current energy infrastructure.
Renewable energy is used to power a process known as electrolysis, which separates water into its constituent parts, thus producing green hydrogen. Green hydrogen is considered the leading option to help decarbonize emissions in transport sectors and heavy industries.
The Green Hydrogen Catapult’s goal is to line up the use and production of green hydrogen with a course that will replace fossil fuels at a consistent rate that achieves net-zero emissions worldwide by 2050. This is in addition to restricting increases of worldwide temperature to 1.5 degree Celsius. Projections show that by the year 2050, the value of the green-hydrogen market could grow to US$10 trillion with green hydrogen supplying roughly 25% of global energy. These forecasts are backed by the emergence of national hydrogen strategies in South Korea, Portugal, Germany, Spain, Australia, Japan, the EU, Chile and New Zealand.
Green Hydrogen Catapult partners are working together to speed up the flow of investment, construction advancements, market development and component manufacturing. An investment of about US$110 will be needed for the catapult project. The project will create more than 120,000 employment positions, thus aiding in the recovery from the impact of the coronavirus. Other firms committed to the project’s vision along with regional and city governments, customers and mission-aligned investors are invited to take part in the initiative as it develops.
In addition to the Green Hydrogen Catapult, other firms are scaling the heights within the mining industry. You need not look any further for proof of this than GoldHaven Resources Corp. (OTCQB: GHVNF) (CSE: GOH), a company that is in advanced stages of adding seven Chilean properties, rich in gold deposits, to its extensive portfolio.
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