Checking in on the hydrogen sector
Interchange Recharged
Wood Mackenzie
4.8 • 535 Ratings
🗓️ 17 January 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
What’s the outlook for low-carbon hydrogen in 2024?
Green hydrogen energy, by now well-regarded as a critical component in the energy transition, is still faced with significant challenges. It’s anticipated to significantly contribute to energy needs, with projections suggesting it could supply up to 35% of the UK's energy by 2050, and there's a push in the US to dramatically reduce hydrogen production costs. The sector is experiencing rapid growth with many projects in development but reaching the Final Investment Decision (FID) stage is a key hurdle, especially in the current economic climate of high interest rates and inflation. The sector is trying to manage high initial costs and a tendency for investments to favour blue hydrogen, which is currently more cost-effective.
To discuss the hydrogen market, and the policy and financial decisions to be made to accelerate the rollout, we are joined by Murray Douglas and Vicky Paley. Murray is responsible for Wood Mackenzie’s global hydrogen and ammonia research, while Vicky heads up project delivery at Protium Green Solutions.
Together they look at the updates in legislation, permits and overall government policy we’ve seen in the last 6 months and can expect this year. The US, for example, has set definitive treasury rules to give a bit more clarity to the industry.
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Transcript
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| 0:00.0 | Wood McKenzie's Solar Energy and Storage Summit is back in Denver on the 29th and 30th of April, |
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| 0:40.5 | This is the interchange recharged, a Wood McKenzie production. |
| 0:45.5 | I'm David Banmiller. |
| 0:49.1 | Hydrogen has been a hot topic in the energy transition discussion for a while now. |
| 0:53.6 | The huge potential of green |
| 0:55.3 | hydrogen as a source of renewable energy, as it could meet 35% of the UK's energy demand by 2050, |
| 1:01.7 | for example, is well documented. However, significant barriers still exist, most notably the cost. |
| 1:09.4 | On the show today, we check in on the hydrogen market and look to the |
| 1:12.9 | year ahead. In the U.S., investment continues to pour into the sector, aiming to reduce costs by 80% |
| 1:19.3 | by the end of the decade. There are seemingly endless new projects in the pipeline, but how many |
| 1:24.3 | are ready to progress to FID? I'm joined by Murray Douglas, VP of hydrogen and ammonia |
| 1:29.6 | research at Woodmac. Thanks for having me. And by Vicki Paley, head of project delivery at Proteum |
| 1:35.5 | Green Solutions. Thank you very much. It's a pleasure to be here. To predict the big moves we might |
| 1:40.3 | see this year in hydrogen. Murray, what's your thoughts on the overall hydrogen market today? |
| 1:47.6 | I mean, this is a topic that we've been talking about for a while now. |
| 1:51.3 | Huge potential, but it doesn't seem to have accelerated as fast as maybe we would have liked. |
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