World leaders in green hydrogen have joined forces to launch a global coalition targeted at delivering a 50-fold scale-up in green hydrogen production by 2026.
The Green Hydrogen Catapult, unveiled on 8 December, is targeting 25GW of renewable-based hydrogen deployment by 2026. The companies involved, which include ACWA Power, CWP Renewables, Envision, Iberdrola, Ørsted, Snam and Yara, will work towards this target by developing project capacity, supporting the design of specific tools to solve early market challenges, and sponsoring targeted collaboration to accelerate access to clean air, new green jobs, supply chain resilience and economic growth using green hydrogen.
Another key aim of the initiative will be to reduce costs to below $2/kg (£1.49/kg). Citing analysis from the Hydrogen Council, the $2/kg (£1.49/kg) figure was highlighted as a potential tipping point for green hydrogen, one that could see it and its derivative fuels become the energy source of choice across multiple sectors.
The founding partners will now collaborate to accelerate the necessary technology, component manufacturing and construction advancements, market development and flow of investment needed to align production and use of green hydrogen with a trajectory that displaces fossil fuels at a rate consistent with achieving net zero by 2050 and limiting global temperature increases to 1.5 °C. It expects investment of around $110bn will be needed, delivering over 120,000 jobs and simultaneously contributing to the Covid-19 recovery.