Companies Bet on Green Hydrogen to Cut Emissions
- November 5, 2021
- Posted by: Quatro Strategies
- Category: Cleantech
A coalition of industrial companies announced that it has increased its goal of generating hydrogen through renewable resources, which it sees as a crucial target to cut greenhouse gas emissions. Both governments and companies have been trying to develop green hydrogen technologies as a way to cut emissions. However, it currently costs four times more to make green hydrogen than to make “grey hydrogen”, produced through fossil fuels.
The Green Hydrogen Catapult (GHC) was first established in December last year by the UN, and set an initial production goal of 25 GW by 2026. The coalition this year has boosted its target to 45 GW. The group said the new target could power 45 average sized steel mills.
The GHC, with the UN’s initiative, was founded by companies including Australian mining company Fortescue Metals, Danish wind power company Ørsted and Swedish startup H2 Green Steel.
Green hydrogen can be used for vehicle fuel cells, industrial applications and making synthetic fuels for ships.
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