Issa Mahmoud of the GHD stated that the GCC countries have a unique opportunity to prepare the emerging green hydrogen industry for success from its inception by applying lessons learned from the well-established oil and gas sector, and emerging blending techniques to reduce the burden of carbon emissions, and that this industry may help the GCC countries to provide About $200 billion, and create one million jobs by 2050.
She added that the energy transition the world is witnessing is rapidly moving towards meeting climate change commitments, and the global momentum towards decarbonization means that there is an urgent need to develop clean energy solutions. The number of financial institutions and investors aligned with the goals of the Paris Climate Change Agreement is steadily increasing.
Trillions of dollars are expected to be invested in renewables before the end of the decade, while energy-driven economies across the GCC, led by Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates and Bahrain, need to plan for a new, greener future.
The company went on to say that the world’s major oil and gas companies are already transforming their businesses to achieve a low-carbon future across production and supply chains, and moreover, last year’s turmoil had unimaginable repercussions around the world, leading to further transformation For clean energy, hydrogen could be the answer to sustainably powering our lives in the future.
The company, which specializes in energy and climate research, said that its latest global report, titled “The World of Energy after Covid,” expects our economies to decarbonize largely on the successful production and use of hydrogen – and specifically, green hydrogen – for a range of domestic goals and uses. commercial and industrial.
That being the case, the GCC states, with their clear advantages of having the world’s cheapest solar energy, abundant wind, not to mention deeply energy-intensive economies and clear leadership ambitions, are in an enviable position to take the reins, the report said. Leading the world’s hydrogen production race.
The political momentum for hydrogen is growing as all countries of the world announce hydrogen strategies, providing a unique opportunity to advance the hydrogen and ammonia markets. In fact, recent industry reports have estimated that green hydrogen could generate up to $200 billion for the GCC countries by 2050 as well as create one million jobs.
Abu Dhabi has put itself on the map of decarbonization as Economic Vision 2030 aims to transform the economy and reduce dependence on the oil sector over time. Building an open, efficient and globally integrated business environment is the key to future success considering the huge potential of the locally generated hydrogen industry.
But the company said the challenges to developing a green, pink or blue hydrogen industry are significant and wide-ranging, as managing production cost in dollars/kWh, as well as capital investment, will be essential and require a strong ability to implement and integrate all forms of unconventional energy, whether behind the counter or in the network.
GHD added that it has long recognized the need to shift to a more sustainable energy landscape in which renewables play a greater role and emissions-intensive industries shift to a completely carbon-neutral future.