Hydrogen will play a key role in the decarbonisation of the global energy system and in realizing global climate targets. The NortH2 consortium of Equinor, Gasunie, Groningen Seaports, RWE and Shell Nederland, is developing the largest green hydrogen project in Europe.
Deloitte is conducting a comprehensive feasibility study that will support a final investment decision in 2024.
The Paris Agreement on climate change confirmed the commitment of nearly 200 countries to limit global warming well below 2 degrees Celsius, compared to pre-industrial levels. All countries have committed to being climate neutral by 2050. To achieve this, we need change in all parts of society and our economy – from the power sector to industry, from mobility and transport to buildings and from agriculture to manufacturing.
Avoid, reduce, replace
Governmental policies, company strategies and consumer behaviors are all focused on three types of actions: avoid, reduce and replace. Renewable electricity will replace fossil fuels in many parts of the economy. However, there are parts of heavy industry where electrification is difficult. Hydrogen will play a key role in replacing fossil fuels in industries like the steel industry, chemical industry and building materials (cement and concrete).
The impact of NortH2 and the role of Deloitte
The NortH2 green hydrogen project will kickstart the hydrogen economy. Its scale is unique in the world. We are conducting a comprehensive feasibility study that will support a final investment decision in 2024. We will do this by:
- Developing a fact-based view on hydrogen’s role in meeting EU’s energy transition targets, while achieving societal and economic benefits,
- Engaging with potential customers across industries to understand their needs and how hydrogen can help them decarbonize while maintaining competitiveness,
- Clarifying what will be needed for NortH2 to be economically viable.
The success of NortH2 will be of great importance to the Dutch, German and Belgian society and the economy, particularly in the (heavy) industry, which is of crucial importance as a source of jobs, innovation and financial contribution.
With the collaboration of our member firms, including Germany, Belgium, France, Australia and the Netherlands, this project brings the best of Deloitte to the client, leveraging our scale across functions and geographies.
If you would like to know more about this iconic project, please visit the NortH2 website.
Together we are connected for a new energy future
Energy is the pulse of our day-to-day life and how we create and use it is evolving rapidly. At Deloitte, we understand the opportunities the Future of Energy brings and the importance of connecting ecosystem players, innovators, regulators and thought leaders to create a new energy world that is sustainable and abundant. In collaboration with NortH2 we are working closely on the largest hydrogen project in Northwest Europe to kickstart the green economy.
Source: Deloitte
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