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.”
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.”