Several countries, including India are turning to Hydrogen in a bid to help the environment.
Just In
A report called Hydrogen Insights was issued by the Hydrogen Council and McKinsey & Company last month. This report says that, of the 228 large-scale industrial, transport and infrastructure hydrogen projects across the world, 126 are forecasted to be located in Europe, while 46 are planned to be built in Asia, 24 in Oceania and only 19 in North America. These projects represent a potential investment of $300 billion, which is equal to 1.4% of global energy funding.
The report stated, at the beginning of 2021, more than 30 countries have released hydrogen roadmaps and the industry has announced over 200 hydrogen projects and ambitious investment plans. The report also said that, “A tally of project announcements, investments required to reach government production targets and spending projections across the value chain adds up to more than USD 300 billion through 2030”.
These developments come after 75 countries, representing over half the world’s GDP, have net zero carbon ambitions and more than 30 countries have hydrogen-specific strategies. Also, the governments around the world have committed over $70 billion in public funding towards the growth of this industry.
Why Hydrogen?
The report shows how several countries have deployed measures to become more climate positive and how they are investing more towards Hydrogen projects. But what is so great about Hydrogen?
- Using Hydrogen greatly decreases pollution: When Hydrogen is combined with oxygen in a fuel cell, energy in the form of electricity is produced, which can be utilised to power vehicles, as a heat source and for many other uses.
- Hydrogen can be produced locally from several sources: Hydrogen gas can be produced from methane, gasoline, biomass, coal or water.
- Non-toxic fuel source: Hydrogen is a non-toxic substance, meaning that it is friendly towards the environment and does not cause any harm or destruction to human health.
- Better than others: Hydrogen is more efficient than other sources of energy like diesel or gas.
All In All,
More countries are hopping on this Hydrogen boat as it will help the environment in a massive way in the future. India’s Finance Minister Nirmala Sitharaman formally announced the National Hydrogen Energy Mission (NHM) in the Union Budget for 2020–21. NHM aims for generation of hydrogen from green power resources.
Earlier in 2017, Japan drafted the Basic Hydrogen Strategy which sets out the country’s action plan until 2030. Japan has also entered into a memorandum agreeing to cooperation on the exchange of information and personnel and developing technology with countries such as New Zealand.
Also, South Korea is operating hydrogen projects and hydrogen fuel cell production units under the auspices of its Hydrogen Economy Development and Sage Management of Hydrogen Act, 2020. Recently, the country passed the Economic Promotion and Safety Control of Hydrogen Act.
So, investing more towards Hydrogen projects and other renewable energy projects are always welcomed by people because our environment’s condition is worsening and we need to find more ways to save our planet.
