Hydrogen Economy: Paving the Way for a Sustainable Future

The June- August season of 2023 witnessed the hottest temperatures globally by a large margin, with temperatures 0.66°C above average. This comes as no surprise as global carbon emissions are resulting in the heating up of the earth’s surface. In 2023, the global carbon emissions totaled 37.55 billion metric tons, a 1.6% increase from 2022, and this is seven times the mass of the Great Pyramid of Giza. Green hydrogen is one of the few alternative sources that doesn’t release harmful emissions. It is seen as an antidote to the world's carbon crisis.

Hydrogen is very abundant in nature in a compound state(water). Its plentiful nature has presented itself as an alternative fuel, and this has been noticed by governments, investors and industries, they are looking at this element as a viable solution to the climate change crisis. Experts in numerous fields have formulated several ways on how it can mitigate the crisis and change the future.

Decarbonization

A primary driver behind the hydrogen economy is its ability to decarbonize various sectors that directly seek to produce electricity. Industries like heavy transportation, manufacturing and heating all depend on burning high volumes of fuels, this is where hydrogen presents itself as a viable option to fossil fuels. Additionally, the integration of renewable sources like wind and solar into hydrogen production via electrolysis offers a solid pathway to store excess energy and balance the demand on the grid. This symbiotic relationship with renewable energy and hydrogen production holds immense potential for creating a resilient and sustainable energy system.

"Green hydrogen made with renewable power will have a role to play as an aviation fuel and as substitute for natural gas," Matthias Rebellius, AG Managing Board Member, Siemens & CEO of Siemens Smart Infrastructure.

Siemens Energy is taking significant strides in this regard, they have been involved in projects such as the world’s first industrial-scale green hydrogen project in Germany. This infrastructure aims to produce green hydrogen for industrial processes, thus displaying its prowess to decarbonize heavy industries.

Cost and Technological Efficiency

Advancements in hydrogen production, storage and utilization technologies are driving down costs while improving efficiency, thus proving its competitive potential in the energy market. All the way from electrolyzers to fuel cells, researchers and engineers are working around the clock to innovate and overcome technical barriers that arise as the infrastructure is scaled up. Also, the development of synthetic hydrogen-based fuels, like e-fuels, holds promise for sectors where direct electrification is impractical, such as aviation and maritime transportation. These synthetic fuels sourced from hydrogen offer a path to decarbonize these critical sectors without extensive overhaul of existing infrastructure.

"Success lies within easy reach due to technological advancements. Our triumph hinges on vigilance, staying attuned to shifts, and wholeheartedly embracing change," Sorada Sonprasit, CEO, Publicis Groupe.

Companies like Plug Power are leading the charge in advancing hydrogen technologies, particularly fuel cells and electrolyzers. They have developed solutions for material handling equipment like forklifts. Their investment towards renewable hydrogen showcases their commitment to scaling up this infrastructure.

Policy Support and Market Dynamics

Irrespective of the greatness of technology, it has been proven it can only reach the masses if it is endorsed by the government, with the EV boom being the latest example. Government initiatives and policy frameworks play a vital role in accelerating the transition towards a hydrogen economy. Subsidies, incentives and regulatory measures targeted at promotion of hydrogen infrastructure are driving momentum worldwide. Collaboration between public and private stakeholders are also contributing to the innovation streak by creating a supportive ecosystem for hydrogen adoption. From pilot projects to large-scale deployments, industries and governments are working in tandem to overcome barriers and manifest the full potential of hydrogen technologies. Air Liquide, a global leader in industrial gases, is actively involved in hydrogen projects supported by government initiatives. In France, Air Liquide is part of the HyBalance project, which aims to demonstrate the feasibility of large-scale renewable hydrogen production. This project is supported by the European Commission's Fuel Cells and Hydrogen Joint Undertaking (FCH JU), highlighting the collaborative efforts between public and private sectors to promote hydrogen adoption.

"A transition to renewable energy will require significant investment in new infrastructure and technology, as well as supportive policies and international cooperation," Devin Narang, Managing Director, Sindicatum Renewable Energy.

As experts are shaping the future of the industries, embracing opportunities presented by the hydrogen economy is not only a strategic mandate but also a moral obligation towards a cleaner future. By leveraging expertise, resources and networks, innovation can be driven, and supportive policies can be pushed forward.

All in all, the hydrogen economy poses infinite potential to revolutionize energy systems and offset climate change while fostering economic prosperity. Harnessing hydrogen can pave the road to a sustainable future for the future generations to usher in.