Industrial, Sourcing Renewables - June 16, 2023
Green Hydrogen Market to Reach $1.4 Trillion by 2050
Clean hydrogen will beat the liquid natural gas trade by 2030 and increase to generate $1.4 trillion per year by 2050, according to analysis by Deloitte.
Green hydrogen will be the driving the growth in the hydrogen market, according to Deloitte’s new report “Green hydrogen: Energizing the path to net zero. Deloitte’s 2023 global green hydrogen outlook,” released today by the Deloitte Center for Sustainable Progress (DCSP). Green hydrogen is produced by splitting hydrogen atoms from water molecules using electrical currents powered by renewable energy and
Clean hydrogen will produce sustainable growth opportunities for developing countries that could generate nearly 70% of the $1.4 trillion market and support up to 2 million jobs globally annually between 2030 and 2050.
The projections were produced by Deloitte’s Hydrogen Pathway Explorer (HyPE) model, which shows clean hydrogen can deliver up to 85 gigatons in reductions to cumulative CO2 emissions by 2050, which is more than twice the global CO2 emissions in 2021.
“This analysis reveals a compelling opportunity for private and public leaders to accelerate the green energy transition,” said Joe Ucuzoglu, Deloitte Global CEO in a statement. “While wind, solar, and other more traditional forms of renewable power are essential to a net-zero future, Deloitte’s research demonstrates how clean hydrogen can help tackle decarbonization of some of the world’s most emissions intensive and hardest-to-abate sectors, further mitigating the effects of climate change while fueling economic growth, particularly in developing countries.”
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