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Green hydrogen is set to replace oil as the fuel of the 21st century

Clean Energy

Green hydrogen is set to replace oil as the fuel of the 21st century

Green hydrogen is poised to become the 'new oil', driving the global economy, prompting countries to prepare and form international coalitions to prepare for this future.

Once green hydrogen gains traction, it will replace oil as the primary energy source powering the world economy. As a result, in order to prepare themselves for that future, nations are currently getting ready and organizing global alliances.

Clean hydrogen is becoming more popular as a means of achieving net zero emissions by the year 2050. It can also help decarbonize industries that are difficult to address, such shipping, chemicals, and steel. Although the cost of technology and clean energy is decreasing, more needs to happen for this energy shift to be finished. In an interview, Hystar CEO Fredrik Mowill stated that the company needs to supply clean energy and lower emissions, which will necessitate new investments in green hydrogen production and technology.

As per MarketsandMarkets, the green hydrogen industry is expected to grow from approximately $1 billion at present to $30 billion by 2030. The growth will be driven by improvements in electrolysis and low costs for renewable energy. But one obstacle is the absence of infrastructure for storage and transportation. To create economies of scale, nations and businesses are collaborating for this reason.

Hydrogen, a plentiful, renewable, and non-polluting resource, faces high production, shipping, and storage costs. Most hydrogen is produced by natural gas and coal processes, known as "grey hydrogen," which has minimal CO2 emissions reduction. The goal is to produce green hydrogen from low-carbon sources.

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