BAKU, Azerbaijan, December 22. Hydrogen demand in the G7 countries by 2050 may increase by 4 to 7 times, compared to 2020, to satisfy the needs of a net zero emissions system, Trend reports via the latest publication from the International Renewable Energy Agency (IRENA).
"Currently, hydrogen use is split mostly across two applications: refining and chemicals. By 2050, the picture is much more diverse thanks to innovation and the need for decarbonization," the report said.
According to the IRENA, hydrogen demand in G7 is expected at 194 Mt by 2050 (24 Mt in 2020).
The agency pointed out that, more recently, there have been two fundamental trends driving the interest in hydrogen. First, the need to increase focus on net-zero emissions. By mid2019, only about 16 percent of global CO2 equivalent emissions were covered by a net-zero target, while this had increased to almost 83 percent by mid-2022. Second, the costs of renewable electricity drastically decreased from 2010 through 2021 by 88 percent for solar PV, 68 percent - for onshore wind, and 60 percent - for offshore wind.
"The focus on net-zero has created the need to look at all the energy end uses, including those where there is no clear single technological solution and that are difficult to electrify (including aviation, shipping, steel and chemicals), while renewable electricity cost reduction has led to renewable hydrogen becoming more attractive. This has led to a rapid growth in the number of countries with hydrogen strategies, with more than 60 being developed or under development. The private sector has not remained idle, either, with more than 1,500 hydrogen-related projects being announced, globally, by mid-2022," the report said.