Surging gas prices drive $73bn spend on green hydrogen
Germany, Morocco and the US make biggest investment pledges as green hydrogen costs undercut blue and grey in most regions in wake of war in Ukraine, says Carbon Tracker
The world economy has committed about $73bn of private and public funds to green hydrogen production in response to a surge in natural gas prices sparked by the war in Ukraine, according to NGO Carbon Tracker. Twenty-five countries, mostly in the Global North, have committed funds—with Germany, Morocco and the US pledging the most. The acceleration in investment has been driven by a 70pc+ rise in gas prices since the start of the war in February. This has caused the levelised cost of blue and grey hydrogen to “skyrocket”, making green hydrogen relatively cheaper in most regional markets on a levelised cost of energy basis, Carbon Tracker says. “The price of green hydrogen has steadily
Also in this section
22 March 2024
German energy firm and Canada-based Pattern Energy aim to ship green ammonia to Hamburg in latest move to secure imports to Europe’s largest economy
22 March 2024
French company prepares for commercial launch of underground storage system to be deployed at green hydrogen production and consumption sites
21 March 2024
Region has competitive edge in low-carbon hydrogen, but infrastructure and export challenges are key roadblocks to overcome
18 March 2024
Major Indian companies are venturing into the sector thanks to government support, but cost and incentive questions persist