COP29: the Hydrogen Council and industry leaders call for action on clean hydrogen
As world leaders* gather in Baku this week for COP29, more than twenty industry associations from around the globe** are urging swift action to increase demand for clean hydrogen and its derivatives by 2030.
Their press release highlights that global investment in hydrogen has increased sevenfold over the past four years, reaching $75 billion in capital committed to 434 large-scale projects following final investment decisions. However, for hydrogen deployment to have a meaningful impact, it would need to reach a threshold of around 75 million tonnes per year by 2030. In contrast, the demand-side incentives proposed by governments so far will only amount to 7 million tonnes per year globally by 2030.
This shortfall is significant. As a result, the Hydrogen Council, alongside key partner associations worldwide, is putting forward proposals for the next two years. The Council calls for the development of infrastructure and advocates for the inclusion of hydrogen in countries’ nationally determined contributions by 2025. The objective is to demonstrate a sustained commitment and attract further investment.
The hydrogen sector notes that it has the potential to contribute to a reduction of 60 to 80 gigatonnes of CO2, generate savings of approximately $3.7 billion in capital investment (thanks to cross-border supply chains for hydrogen and its derivatives), and create around 25 million high-quality jobs globally.
*Except for President Macron, who chose to boycott the event.
**Participating associations include the Ammonia Energy Association, Ammonia Europe, Australian Hydrogen Council, ABH2 Associação Brasileira do Hidrogênio, Association canadienne de l’hydrogène, H2 Chile Asociación Chilena de Hidrógeno, Clean Fuel Ammonia Association, Hidrogeno Columbia, Hydrogen Council, Hydrogen Europe, FCHEA Fuel Cell & Hydrogen Energy Association, IH2A India Hydrogen Alliance, Hydrogen Ireland, Japan Hydrogen Association, H2 México Asociación Mexicana de Hidrógeno, MENA Hydrogen Alliance, Hydrogen New Zealand, Hydrogen UK.
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