OCTOBER 202319capture) hydrogen. However, the end user market needs to catch up and help clarify the best applications for the long term.Because of its versatility, hydrogen can be used for a variety of applications, including chemicals, transportation, steel, buildings, refining and power generation. This makes it a viable energy carrier or feedstock for almost any industry and end user. Hydrogen can also store more energy per unit of mass than other fuels, like gasoline or natural gas, which is a major pro. However, on a volume basis it can be a challenge for pipeline transport and energy contracts, as well as energy storage.So, we still need to figure out where and how to use hydrogen effectively as a means of decarbonizing at a competitive cost. Overall, it is not yet economically competitive. Significant investment and regulations will be required to assess and build essential distribution and storage networks. Regional Clean Hydrogen Hub projects will help overcome these constraints as they fully develop, and as projects ramp up, various governmental agencies will need to address gaps in the existing regulatory framework and industry will need more process safety engineers to address safety requirements.Implementing Hydrogen Today and TomorrowDespite some of the current constraints, there are pragmatic reasons to advance hydrogen projects now. And as pilot programs advance and define best practices, applications, and technologies, we'll gain breakthroughs and efficiencies for the future.The pressure to decarbonize is increasing and action will eventually be required across the country. Steel and automotive manufacturers, heavy trucking, airlines, rail, maritime, power generation facilities and even fertilizer production ­ all which currently struggle to decarbonize processes and operations ­ can gain benefits as early adopters of hydrogen as an energy carrier or feedstock. Implementing projects that lower emissions nets long term value creation and a sustainable transition for companies. Taking a proactive approach now on this emerging solution also has benefits for supply chain, public perception, and customer loyalty.Hydrogen is a Safe Bet for the FutureWhile these projects can be complex and there is much we must still learn and discover, the early applications will help us determine how to use hydrogen most pragmatically and efficiently in the future. And although the industry will be working with hydrogen at an unprecedented scale, we can comfortably leverage knowledge, expertise and best practices from similar and well-established energy fields, including solar, wind and natural gas to make true progress toward a cleaner energy future. Often referred to as an energy carrier, hydrogen has diverse applications including power generation, energy storage, industrial processes and transportation
< Page 9 | Page 11 >