As OEMs such as Mercedes-Benz invest resources into the development of hydrogen fuel solutions, 18 key industry leaders have launched at the COP 23 climate change conference the first globally quantified vision for the role of the fuel source.
Developed with support from McKinsey, in addition to being a key pillar in the energy transition the study shows that hydrogen has the potential to develop US$2.5tn of business and create more than 30 million jobs by 2050.
“The world in the 21st century must transition to widespread low carbon energy use,” said Takeshi Uchiyamada, chairman of Toyota Motor Corporation and co-chair of the Hydrogen Council, at the climate change conference taking place this week in Bonn, Germany.
“Hydrogen is an indispensable resource to achieve this transition because it can be used to store and transport wind, solar and other renewable electricity to power transportation and many other things.”
Taking the Council’s vision for hydrogen to the next level, the study outlines a comprehensive and quantified roadmap to scale deployment and its enabling impact on the energy transition.
It is claimed that if deployed at scale, hydrogen could account for almost one-fifth of total final energy consumed by 2050. This would reduce annual CO₂ emissions by roughly 6 gigatons compared to today’s levels, and contribute 20% of what is required to limit global warming to 2°C.
“The Council has identified seven roles for the fuel, which is why we are encouraging governments and investors to give it a prominent role in their energy plans,” added Uchiyamada.
“The sooner we get the hydrogen economy going, the better, and we are all committed to making this a reality.”