The international community must focus on the transition to a renewable and low-carbon hydrogen economy to reach a carbon neutrality goal under the 2015 Paris agreement on climate change, though it will requre massive investments and relevant policy support, the United Nations said in a report on Thursday
MOSCOW (Pakistan Point News / Sputnik - 04th November, 2021) The international community must focus on the transition to a renewable and low-carbon hydrogen economy to reach a carbon neutrality goal under the 2015 Paris agreement on climate change, though it will requre massive investments and relevant policy support, the United Nations said in a report on Thursday.
Hydrogen does not generate greenhouse gases or direct emissions when used as a fuel, so it can be used in the decarbonization of the energy sector and other fields, including transport and industry, among others, according to the report.
"The move to a hydrogen economy would bring annual global demand for hydrogen in 2050 to some 650 Mt, from the current 70 Mt, representing around 14% of the expected total world energy demand," the report read.
However, it went on, nearly 95% of modern hydrogen production comes from natural gas or other hydrocarbons, leading to 900 million tonnes of CO2 emissions per year globally, while European countries generate from 70-100 million tonnes of these emissions annually.
To reach the net-zero emissions target, the world should strive for the production of clean, non-fossil-based hydrogen, which is currently two to three times more expensive, the UN said. Even though public and private investments in the field have been on the rise over the past four years, current challenges require more funding to be resolved, it added.
The report cited the EU Hydrogen Strategy, according to which a renewable hydrogen economy in Europe by 2050 would require up to 470 billion Euros (over $544 billion) in investments, while fossil-based hydrogen production would cost from 3-18 billion euros.
"Many countries in the (European) region have launched experiments, adopted hydrogen strategies, and mobilized billions of Dollars of financing. Many more are expressing interest. The region is well placed to become a major player in the future hydrogen economy. But this will require public and private investment on a massive scale and sustained political commitment," Olga Algayerova, Executive Secretary of the United Nations Economic Commission for Europe (UNECE), was quoted as saying in the report.
UNECE will continue to make efforts to ensure dialogue and cooperation between the EU member states on the safe transport, storage and use of hydrogen, she added.
The report also listed measures that will be necessary for adoption to ensure the transition to a hydrogen economy. The list includes the promotion of clean H2 technologies, the use of the natural gas transmission network to switch to hydrogen, and the expansion of hydrogen projects by 2030, among others.
