Founding partners of the global initiative include renewable developers ACWA Power from Saudi Arabia and CWP Renewables from Australia, Shanghai-based wind turbine manufacturer Envision, Spanish energy giant Iberdrola, Danish multinational Ørsted, energy infrastructure operator Snam from Italy and the crop nutritionist Yara. The companies are targeting the deployment of 25GW of renewables-based hydrogen production through 2026, with a view to halving the current cost of hydrogen to below US$2/kg. Hydrogen Council found that scale-up would be the biggest driver of cost reduction. Further, a US$2/kg price represents a potential tipping point that would make green hydrogen and its derivative fuels the energy source of choice in power generation and other sectors such as steel and fertilizer production and long-range shipping.
Hydrogen Council found that scale-up would be the biggest driver of cost reduction. Further, a US$2/kg price represents a potential tipping point that would make green hydrogen and its derivative fuels the energy source of choice in power generation and other sectors such as steel and fertilizer production and long-range shipping. Green Hydrogen Catapult aims to align the production and use of green hydrogen with a trajectory that displaces fossil fuels at a rate consistent with achieving net zero global emissions by 2050 and limiting global temperature increases to 1.5 degrees Celsius. The founding companies plan to accelerate the necessary technology, component manufacturing and construction advancements, market development and flow of investment. The Catapult target will require investment of roughly $110 billion and deliver more than 120,000 jobs.