Clean energy hopes receive a boost with a surge in hydrogen project proposals, but experts warn deployment lags behind and needs a swift kickstart. The Hydrogen Council's "Hydrogen Insights 2022" report paints a promising picture: 680 large-scale project proposals, translating to $240 billion in potential investment by 2030 – a 50% jump since last November. However, the report urges a rapid shift from plans to action, cautioning that current deployment levels fall short of ambitions.
"On-the-ground deployment is not moving fast enough," said Yoshinori Kanehana, co-chair of the Hydrogen Council and chairman of Kawasaki Heavy Industries. "This report proposes priority actions for policymakers and industry to overcome challenges and accelerate large-scale hydrogen deployment."
The report outlines a stark reality: to meet net-zero emissions by 2050, hydrogen investment needs to triple to $700 billion by 2030. While this may seem daunting, it's important to note that this figure remains less than 15% of the investment poured into oil and gas over the past decade.
Tom Linebarger, co-chair of the Hydrogen Council and executive chairman of Cummins Inc., emphasized the urgency: "Climate change is the existential crisis of our time, and it will require businesses and governments working together to address it. Hydrogen will play a critically important role."
The report calls for joint action across public and private sectors to tackle three key areas: infrastructure development, technological advancements, and regulatory hurdles. Specific priority actions are outlined for both policymakers and industry stakeholders, pushing for a collaborative approach to overcome these challenges.
While the hydrogen industry's future seems bright, with increasing investment and growing recognition of its potential, the report serves as a reminder that concrete action is crucial. Only by bridging the gap between proposals and deployments, through joint efforts and targeted strategies, can hydrogen truly play its part in the fight against climate change and pave the way for a cleaner future.
The Hydrogen Council report serves as a vital call to action for governments and businesses alike, urging them to prioritize hydrogen deployment and unlock its full potential in the ongoing energy transition.
The full 2022 report is available here.