Publically presented today in Bonn, Germany, the joint study by the Hydrogen Council will articulate how hydrogen technologies have an important role in achieving global commitments set forth in the Paris Agreement. It will also explain how hydrogen technologies provide effective solutions for integration of large-scale renewables in the energy system and outline the technologies’ market potential by 2030 and 2050.
Assuming alignment of economic dynamic and political will, this study prepared by McKinsey envisages the current hydrogen market to double over the next 15 years, a pace comparable to the growth of solar and wind. While hydrogen technologies are already available today and there are no major technical bottlenecks to reach scale, there is a need to anticipate investments and build new business models to deploy these more broadly. Significant cost reductions have already been achieved in some areas; the cost of refuelling stations and fuel cell stack production have been cut in half in the last ten years, for example. The report foresees major reductions in the coming years from scaling up manufacturing to industrial levels. This is why the hydrogen opportunity needs a strong mobilization from industrial players, investors and regulators alike.
18 senior members of the Hydrogen Council will be there, including co-chairs Takeshi Uchiyamada, Chairman of Toyota and Benoit Potier, CEO, Air Liquide, as well as Prof. Aldo Belloni, CEO of The Linde Group, Woong-chul Yang, Vice Chairman of Hyundai Motor Company and Anne Stevens, Board Member of Anglo American.