Hydrogen has been the fuel of our future for decades, but now developers have come together to launch the Green Hydrogen Catapult Initiative to increase the production of green hydrogen 50-fold in the next few years.
Green hydrogen is created by utilizing renewable energy and electrolysis to split water; it's a critical enabler of the global transition to sustainable energy and net-zero emissions economies.
The goal is to cut the cost of green hydrogen to less than $2/kg, which helps cut emissions from the world's most carbon-intensive industries like shipping, chemical production, steelmaking, and power generation.
In addition to this, green ammonia, made from green hydrogen, is also being tested as a possible replacement for fossil fuels, and that would decrease the emissions of existing energy infrastructures.
Scaling green hydrogen will be essential in helping global economies achieve net zero emissions by 2050 and limit global temperature rises to 1.5C. Also, green hydrogen could supply over 25% of the world's energy needs and become a $10 trillion market, according to Goldman Sachs.
In order to meet the target of the Catapult, it will require an investment of around $110 billion and create over 120,000 jobs, inevitably helping economies recover from the horrendous impacts of Covid-19.