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The development of a green hydrogen economy in the EU is set to get a significant boost from impending legislation to make net zero greenhouse gas emissions a legally binding target by 2050, Mark Lewis, chief sustainability strategist, argues in this video synopsis of his new white paper Green hydrogen, net zero and the future of the EU-ETS.
He points out that the production of green hydrogen, which is CO2-free since it involves renewable electrical energy as its power source, will have to be scaled up dramatically if the net zero target is to be met. The share of green hydrogen of the total EU energy requirement can be expected to rise from 2% currently to 15% by 2050.
This will require setting up an entirely new industry including storage and distribution at an estimated cost of EUR 340-460 billion. The key to success will be the creation of a virtuous feedback loop between public policy and private capital, innovation and technology improvement, much the same as the interaction that has allowed the EU to build a renewable energy industry from scratch.
The outlook for green hydrogen and with it the prospects for zero emissions is positive, Mark concludes.
Read the white paper Green hydrogen, net zero and the future of the EU-ETS
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