A Hyundai Motor's Nexo hydrogen car is fuelled at a hydrogen station in Seoul, South Korea. Reuters
A Hyundai Motor's Nexo hydrogen car is fuelled at a hydrogen station in Seoul, South Korea. Reuters
A Hyundai Motor's Nexo hydrogen car is fuelled at a hydrogen station in Seoul, South Korea. Reuters
A Hyundai Motor's Nexo hydrogen car is fuelled at a hydrogen station in Seoul, South Korea. Reuters

Global hydrogen development to accelerate with 72GW of projects in the pipeline


Jennifer Gnana
  • English
  • Arabic

Countries around the world are accelerating the deployment of green hydrogen with 72 Gigawatts of projects in the pipeline, according to a report.

Stringent requirements for emissions control and a move towards a sustainable post-pandemic recovery, as well an increasing number of carbon capture and storage schemes are fuelling the momentum towards hydrogen, Fitch Solutions said in a report on Friday.

Asia currently leads in the hydrogen project pipeline, however, Western Europe is expected to see a considerable amount of activity in the sector.

The EU, through its centralised hydrogen strategy and enhanced funding package for this year, is pushing for 40GW of internal market capacity and 40GW of neighbouring market production capacity.

"In addition, of the 46 projects we have captured which have timeframes for completion, 80 per cent are targeted for 2025 or sooner," Fitch Solutions said.

Western Europe is also expected to see the largest number of project completions, with 30 schemes proposed between 2021 and 2030.

Hydrogen is being trialled as an  alternative to fossil fuels, particularly in transportation. Clean hydrogen can slash greenhouse gas emissions from the hydrocarbons sector by 34 per cent, according to BloombergNEF. The growth of hydrogen can fuel a €120 billion (Dh523.1bn) industry in Europe by 2050, according to Aurora Energy Research.

McKinsey, meanwhile, estimates that the development of a hydrogen economy could generate $140bn in annual revenue by 2030 and help support 700,000 jobs in the US.

Fitch Solutions also sees a commensurate increase in the size of projects, as well as their number.

"We note that projects are growing in size from tens of megawatts to several gigawatts. Of the 76 green hydrogen projects, representing an approximate 72GW, 17 are greater than 1GW in scale. In total, these 17 projects account for 66GW of hydrogen production capacity," the report said.

Growth is also fuelled by a number of countries in West Asia such as Saudi Arabia and the UAE, pledging to make hydrogen an integral part of their energy mix.

Saudi Arabia, the world's largest exporter of crude, has ambitions of becoming the world's largest hydrogen exporter. A $5bn green hydrogen facility is set to be developed at Neom, which will be a partnership with Acwa Power and Air Products.

Abu Dhabi created a hydrogen alliance backed by key state entities last month as it looks to add significant hydrogen capacity to its clean energy targets.

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While you're here
Credit Score explained

What is a credit score?

In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.

Why is it important?

Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.

How is it calculated?

The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.

How can I improve my score?

By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.

How do I know if my score is low or high?

By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.

How much does it cost?

A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.