, APAC
Source: IRENA website

G7 hydrogen consumption could grow by up to 7 times

IRENA asked the G7 countries to lead the market. 

The hydrogen consumption of G7 countries could rise by 4 to 7 times by 2050, the International Renewable Energy Agency (IRENA) reported. 

In 2020, hydrogen demand for G7 countries reached about 24.2 million tonnes of hydrogen. The countries also have the potential to account for 28% of global hydrogen consumption. 

“G7 has a sizeable economic footprint, accounting for 30% of global energy demand,” IRENA Director-General Francesco La Camera said.

“Through joint action and focused collaboration, it can be a first mover and determine the conditions of a future hydrogen market in line with the Hydrogen Action Pact.”

Read more: Asia’s pumped hydropower capacity to overtake NAWE in 2023

According to the agency, the deployment of green hydrogen in particular puts focus on the decarbonisation of end uses and hard-to-abate sectors. 

It added that the lower cost of green hydrogen has made it more attractive. 

“Policymakers must also show leadership by sharing knowledge, finance, and policy know-how with the international community to replicate opportunities and best practices everywhere else in the world,” La Camera said. 

“Crucially, with international cooperation, the emerging hydrogen market has the potential to be more inclusive, with opportunities for developed and developing countries alike. Clear intent must be broadcast, to signal confidence to investors and industry.”

 

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition
Some steps they could take are implementing green tariffs and setting infrastructure funds.
Global clean energy tech market to hit $2t by 2035
This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

Exclusives

Coal-dependent ASEAN told to scale up RE generation
A regional power grid could help governments in their renewable energy transition.
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.