Green hydrogen to account for 20% of European power demand by 2050: Statkraft

Hydrogen produced from renewable power sources will account for 20% of Europe’s energy consumption in 2050, and for 10% globally, a report revealed by Norwegian energy firm Statkraft on Thursday confirmed.

Inexperienced hydrogen is produced by splitting water molecules with a present of renewable electrical energy in electrolysers. The fuel is touted as a clear alternative for fossil fuels in industries which are in any other case arduous to decarbonise.

European energy demand will rise to only over 5,000 terawatt hours (TWh) in 2050, with inexperienced hydrogen manufacturing accounting for round 1,000 TWh, up from present demand of round 30 TWh, Statkraft’s sixth annual Low Emissions Situation report confirmed.

The corporate is one in every of Europe’s largest renewable power producers and in addition operates a number of fuel vegetation in Germany. It makes use of its evaluation from the Low Emissions Situation as the muse for future investments.

World energy demand will probably greater than double by 2050 to only over 60,000 TWh as electrification is seen as the principle software to scale back carbon dioxide emissions with renewable power assembly about 80% of that demand, it discovered.

At current, inexperienced hydrogen manufacturing is dearer than conventional manufacturing from fossil gasoline sources, however Statkraft mentioned that will change.

The corporate anticipated funding prices for electrolysers to fall by 60% by 2050, which coupled with storage may guarantee a gentle provide for business.

“Seasonal storage might be useful in markets with vital energy worth variations between seasons, for instance in Europe,” the report mentioned.

It’s revealed forward of the U.N. Local weather summit (COP 26) in Glasgow, Scotland, from Oct. 31 to Nov. 12, the place representatives from almost 200 nations will meet for talks to strengthen motion to sort out world warming below the 2015 Paris Settlement.

Limiting world warming to 1.5 levels as per the Paris Local weather Accord would require extra renewables and electrification at a sooner tempo than at current, Statkraft mentioned.

Statkraft is concerned in a number of inexperienced hydrogen tasks, together with tasks to produce metal works and fertiliser manufacturing.