UAE Business: UAE eyes 25pc of the low-carbon hydrogen market – Gulf Digital News

UAE Business: UAE eyes 25pc of the low-carbon hydrogen market – Gulf Digital News

The UAE aims to capture 25% of the low-carbon hydrogen market, the value of which is expected to reach more than $400 billion a year over five years.

The green hydrogen project implemented by Dubai Electricity and Water Authority (Dewa) in cooperation with Expo 2020 Dubai and Siemens Energy at the Mohammed bin Rashid Al Maktoum Solar Park, is a key project in supporting the UAE's efforts to achieve global competitiveness in the green hydrogen market, a WAM report said.

Implementing the project, which is the first of its kind in the Middle East and North Africa to produce hydrogen using solar energy, the Solar Park contributes to achieving competitive prices in producing green hydrogen.

Renewable sources

The production of green hydrogen is mainly carried out through electrolysis using renewable energy sources. Dewa received the lowest solar energy prices (Levelised Cost of Energy) globally five consecutive times, making Dubai a global benchmark for solar power prices.

In addition to that, Dubai provides clear and stimulating regulatory and legislative frameworks, which encourage the private sector and global investors and developers to participate in clean and renewable energy projects, using the Independent Power Producer (IPP) model.

Dewa has attracted investments of around AED40 billion ($11 billion) through this