The Hydrogen Council used the COP23 climate change conference to present a new report titled “Hydrogen, Scaling up.” Featuring contributions by consulting firm McKinsey, it describes a roadmap for advancing the large-scale introduction of hydrogen and assessing its impact on transforming the energy sector. According to the study, the gas could help cut carbon dioxide emissions by nearly 20 percent of the 2050 targets, or around 6 gigatons. Its authors see the potential in transportation at up to 15 million hydrogen-powered cars and 500,000 trucks, and they believe that the industry could create more than 30 million jobs altogether. Yearly revenue was estimated at around USD 2.5 trillion.
Takeshi Uchiyamada, chairman of Toyota and co-chair of the Hydrogen Council, explained:
“Hydrogen is an indispensable resource to achieve this transition because it can be used to store and transport wind, solar and other renewable energies to power transportation and many other things. The Hydrogen Council […is…] encouraging governments and investors to give it a prominent role in their energy plans. The sooner we get the hydrogen economy going, the better, and we are all committed to making this a reality.”
Benoît Potier, chairman of Air Liquide and the other co-chair of the council, agreed:
“This study confirms the place of hydrogen as a central pillar in the energy transition, and encourages us in our support of its large-scale deployment. Hydrogen will be an unavoidable enabler for the energy transition in certain sectors and geographies. The sooner we make this happen the sooner we will be able to enjoy the needed benefits of hydrogen at the service of our economies and our societies.
“Solutions are technologically mature and industry players are committed. We need concerted stakeholder efforts to make this happen; leading this effort is the role of the Hydrogen Council.”
Given the right circumstances, the authors believe that the total investment could be as high as USD 280 billion by 2030.
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