Hydrogen Economy Bright with More Tasks2020-05-25 [12:07]
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Hydrogen Economy Global Study by Bloomberg
In the case that clean Hydrogen Economy expands across the world, it is estimated that greenhouse gas emissions from various industries can be reduced by up to 34%, however, there should be an assumption that the government is willing to endorse and promote long-term policies to sustain Hydrogen Economy. Global study from Bloomberg NEF(BNEF) predicted to meet the 24% of final energy demand with clean Hydrogen Economy stating Paris Climate Agreement. Rising width of the curve for global temperature will be limited to 1.5-Celsius degrees and at the same time, 24% of the final energy can be sourced from clean hydrogen.
Hydrogen Replace Fossil Fuel in Many Applications
Hydrogen can replace the widely-used carbon-based fossil fuel in the applications of which renewable energy cannot work if the Hydrogen fuelling price achieves competitiveness. However, the carbon-producing cost of each country will reflect the local differences depending on the hydrogen storages and renewable energy resources development so that we can expect to reduce the cost by 20% to 25% in the United States, Brasil, Australia, Scandinavia, and the Middle East. In Korea and Japan which have geographical weakness of hydrogen storage, we can predict to increase the cost up to 50 % to 70%, and it is necessary to accept cross-country hydrogen transaction. Hydrogen can be one of the energy resources for a substitute of Coal, Oil and Gas, but still 99% of Hydrogen produced by coal fuel-based manufacturing method.
Most of the Hydrogen has been reformed from natural gas while the production process discharges greenhouse gas and the related industries question the environmental friendliness of the Hydrogen Economy. If we hope to realize the environmental friendly Hydrogen Economy, it is very important to produce Hydrogen clearly with the renewable energy resources, in that way, huge amount of greenhouse gas discharge can be decreased and can be a way of dealing with climate change in the long term.
Clean Hydrogen Potential to Become Next Energy ResourceClean Hydrogen can be obtained by electrolyzing water from the wind and solar power generation, and electrolyzer production and renewable energy power generation costs tend to gradually keep lower and lower, thus Clean Hydrogen production cost will be reduced down to USD 0.8 to 1.6 per 1 kilogram by 2050.
It is the equivalent cost to USD 6 ~12/MMBtu of natural gas in the Brazillian, Chinese, Indian, Germany, and Scandinavian area, and it will be even more affordable than the method of Carbon Capture and Storage(CCS) which is the process of capturing carbon and storing hydrogen from natural gas and coal fuel. BNEF reports predict that CCS technologies will be applied better for the area of Chinese and Germany which is comparatively lack of places and lands for regenerative and renewable energy plant development, contrarily abundant of natural gas and coal fuel resources.
Image : Hydrogen Economy Expansion
Source : Quoted and Translated from H2News BNEF Hydrogen Economy Outlook
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