Last Updated on January 18, 2024 by News Editor
Following COP28 in Dubai, three major organizations, the African Hydrogen Partnership, the MENA Hydrogen Alliance, and Hydrogen Europe, have strengthened their partnership to accelerate and boost the global hydrogen goals.
With an emphasis on bold global hydrogen goals, cutting-edge technology, financial support, legislative frameworks, and inclusive growth, this strategic partnership seeks to address global issues.
Global Hydrogen Goals: Tripling Renewable Energy Capacity by 2030 for Clean Hydrogen Adoption
The three organizations have pledged to enhance the worldwide goals for clean hydrogen. The three main components of this commitment are to double energy efficiency, move away from fossil fuels, and triple the amount of renewable energy produced by 2030.
The intention is to close the economic gap between clean hydrogen and fossil fuels by gradually removing fossil fuel subsidies. This large-scale effort is considered an essential first step in achieving the plentiful, affordable renewable energy needed for the mass adoption of hydrogen.
Financial Imperatives in Hydrogen Development
The partnership emphasizes the need for foreign funding because of the enormous amounts of money needed to build hydrogen infrastructure. Even though the energy transition technologies saw a record USD 1.3 trillion investment in 2022, annual investments in this field need to double to over USD 5 trillion in order to follow the International Energy Agency’s (IEA) 1.5°C roadmap.
As major hubs for hydrogen, the Middle East and Africa will demand large infrastructural investments. Despite persistent practical challenges, repurposing old gas pipelines is regarded as a vital approach. Multilateral development banks must undergo reform, the private sector must make significant contributions, and innovative solutions are needed to solve this financial issue.
COP28 In Dubai Unveils Game-Changing Initiatives for Global Hydrogen Economy
The goal is to start a global hydrogen economy. Three main plans were presented at COP28 in Dubai: a new ISO standard on greenhouse gas accounting for hydrogen, mutual acceptance of certificates, and the Public-Private Action Statement on Unlocking Hydrogen Trade Corridors.
This further highlights the significance of certification, standardization, and harmonization. Clear certification processes and standards are essential to supporting a worldwide hydrogen industry.
Growth of the Global South’s Economy and Clean Hydrogen
The Global South has the capacity to provide inexpensive renewable energy, but the lack of electric infrastructure presents a problem for the region, which is home to more than 80% of the world’s population. It becomes clear that hydrogen is not only required to decarbonize off-grid areas but also that it can reduce the economic risks related to the energy transition. In order to assist socio-economic growth, improve energy access, transfer skills and expertise, and achieve net zero in both regions, cooperation between the Global North and South is considered essential.
The cooperation between the African Hydrogen Partnership, the MENA Hydrogen Alliance, and Hydrogen Europe demonstrates the group synergy driving the hydrogen market forward. Together, the groups promise to promote hydrogen deployment and innovation through joint ventures, coordinated positions in global clean hydrogen forums, and communication.