Thank you for Subscribing to Energy Business Review Weekly Brief
Hydrogen Economy: Paving the Way Towards Sustainable Energy
The world is facing an urgent need to transition to cleaner and more sustainable sources of energy to combat climate change and reduce reliance on fossil fuels.
By
Energy Business Review | Friday, May 19, 2023
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
The hydrogen economy is rapidly growing as governments invest in clean energy technologies, making hydrogen a more viable energy source for meeting climate goals.
FREMONT, CA: The world is facing an urgent need to transition to cleaner and more sustainable sources of energy to combat climate change and reduce reliance on fossil fuels. The advent of the hydrogen economy has drawn a lot of interest in this endeavour. The abundant and adaptable element hydrogen is being hailed as a potential game-changer for the world's energy system.
Understanding the Hydrogen Economy
The hydrogen economy envisions a world in which a central role is played by hydrogen in supplying energy needs across all sectors. Hydrogen may be produced from a variety of sources, including water and natural gas. In a variety of operations, including transportation, energy production, manufacturing, and heating, hydrogen can be employed as a fuel or an energy carrier.
Benefits of Hydrogen
The potential for the hydrogen economy to dramatically cut greenhouse gas emissions is one of the main factors contributing to the rising interest in it. Hydrogen doesn't release any carbon dioxide or other damaging pollutants when it is used in fuel cells or combustion processes; all that is produced is water vapour. This makes it an attractive choice for decarbonizing industries like heavy-duty transportation and industrial operations that are challenging to electrify.
Hydrogen also provides grid balancing and energy storage possibilities. Electrolysis can be used to create hydrogen from surplus renewable energy, which can then be stored for later use or transformed back into electricity at times of high demand. It is a useful asset for incorporating sporadic renewable energy sources into the system due to its flexibility.
Advancements and Investments
In recent years, there has been a surge in research, development, and investment in hydrogen technologies. Governments, industries, and research institutions worldwide are actively exploring hydrogen's potential and investing in projects to advance its adoption. Several countries, including Japan, South Korea, Germany, and Australia, have developed national hydrogen strategies and set ambitious targets for hydrogen production and utilisation.
Technological advancements are key to unlocking the full potential of the hydrogen economy. Significant progress has been made in areas such as hydrogen production, storage, transportation, and fuel cell technology. Electrolyzers, which split water into hydrogen and oxygen using electricity, have become more efficient and affordable. The cost of fuel cells has decreased, enabling their deployment in various applications. Furthermore, hydrogen refuelling infrastructure is being developed to support the widespread adoption of hydrogen-powered vehicles.
A promising route to a sustainable and low-carbon future is the rise of the hydrogen industry. It is a strong substitute for traditional energy sources due to its adaptability, zero-emission characteristics, and energy storage capabilities. The hydrogen economy is experiencing rapid growth as a result of increased investments, technical developments, and supporting policies.
