A Cost-Competitive Solution for Climate Issues Is Green Hydrogen
There is a possibility that green hydrogen can make a major contribution to decarbonization plans. Hydrogen that is produced by renewable electricity could be a major competitor on cost-effectiveness against fossil fuels by 2030. This is possible due to the rapid and steady decline in costs for solar power and wind power development and employment.
Should this take off, green hydrogen can help create a resilient energy technology that works on modern advancements and researches and adopts innovative ideas fit for the issues we currently face today.
As of the present, the price of green hydrogen is 2 to 3 times that of blue hydrogen, which can be procured from fossil fuels combined with storage and capturing carbon. The cost of producing green hydrogen depends on the cost of renewable electricity, the cost of investment of the electrolyzer, and how many hours the electrolyzer runs.
Today, the cheapest energy source in several locations of the globe is renewable energy. Some even auctions at prices as low as 20 US dollars. To produce cost-effective green hydrogen, we must have cheaper electricity, and investment finances for electrolysis equipment must also reduce cost significantly.