Rapid growth of hydrogen economy hints at new power dynamics: IRENA

Rapid growth of hydrogen economy hints at new power dynamics: IRENA

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Gulf
  • Date: 15-Jan-2022
  • Source: Emirates News…
  • Sector: Economy
  • Country: Gulf
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Rapid growth of hydrogen economy hints at new power dynamics: IRENA

ABU DHABI, 15th January, 2022 (WAM) -- Rapid growth of the global hydrogen economy can bring significant geoeconomic and geopolitical shifts giving rise to a wave of new interdependencies, according to new analysis by the International Renewable Energy Agency (IRENA). The 'Geopolitics of the Energy Transformation: The Hydrogen Factor' report sees hydrogen changing the geography of energy trade and regionalising energy relations, hinting at the emergence of new centres of geopolitical influence built on the production and use of hydrogen, as traditional oil and gas trade declines. Driven by the climate urgency and countries’ commitments to net zero, IRENA estimates hydrogen to cover up to 12 percent of global energy use by 2050. Growing trade and targeted investments in a market dominated by fossil fuels and currently valued at US$174 billion is likely to boost economic competitiveness and influence the foreign policy landscape with bilateral deals diverging significantly from the hydrocarbon relationships of the 20th century. "Hydrogen could prove to be a missing link to a climate-safe energy future", Francesco La Camera, Director-General of IRENA said. "Hydrogen is clearly riding on the renewable energy revolution with green hydrogen emerging as a game changer for achieving climate neutrality without compromising industrial…

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