'Green Hydrogen' Forecast To Cost Less Than Natural Gas By 2050
Umer Jamshaid 13 days ago Wed 07th April 2021 | 05:20 PM
Paris, April 7 (UrduPoint / Pakistan Point News - 7th Apr, 2021 ) :"Green hydrogen" produced using renewable energy will soon plunge in cost, becoming cheaper than natural gas in many areas, according to a study released Wednesday by the research group Bloomberg NEF.
Hydrogen is considered a leader in the race to develop sustainable energy sources and slash carbon emissions.
But it is expensive to produce and the electricity needed generates a lot of carbon dioxide emissions or other pollutants.
"We now think that PV electricity will be 40 percent cheaper in 2050 than what we had thought just two years ago," BNEF specialists said in a report.
It is expected to cost less than even dirtier "grey hydrogen", which lacks that process, by 2050.
"Such low renewable hydrogen costs could completely rewrite the energy map," BNEF hydrogen analyst Martin Tengler said.
In the future, "at least 33 percent of the world economy could be powered by clean energy for not a cent more than it pays for fossil fuels", he added.
It has therefore raised hopes that it could help clean up heavy industry and transportation.
However at present the process requires large amounts of energy generated using coal or natural gas.