Horizon 2030-2050 is getting closer and closer, yet there is still a long way to go. This is why responsible companies are working towards contributing to a totally decarbonised and zero-carbon economy.
No one can say that the words “climate change” are foreign to them. Years ago, the scientific community raised alarms about the devastating effects on the environment caused, among other factors, by CO2 emissions.
These carbon dioxide emissions are forcing the energy sector to take action and transform its model into a more sustainable one.
The decarbonisation of the energy system is one of the key political goals for the mid-21st century. At the end of 2015, theParis Agreement was signed, which designed the benchmark framework in which energy policy should be developed. Along with the treaty, theUnited Nations 2030 Agenda for Sustainable Development and theSendai Framework for Disaster Risk Reduction were presented. These agreements laid the foundations for global sustainable development with low greenhouse gas emissions. One of the most prominent projects to achieve this is the European Green Deal, which focuses its political action on the energy and green transition.
The Sustainable Development Goals (SDGs) were created to end poverty, protect the planet and ensure that all people will enjoy peace and prosperity by 2030. They are divided into seventeen goals with different fields of action in which governments, institutions, companies and citizens must be involved.
The energy industry has major impacts on several of the SDGs, but especially on two: Affordable and clean energy and Responsible production and consumption.
Energy from green hydrogen is an enabler on the path towards decarbonisation. It is expected to be the fuel of the energy transition and a major ally for the direct fulfilment of SDGs 7, 11, 12 and 13..
Also known as renewable hydrogen, green hydrogen is the right path for the future according to energy transition experts because it’s inexhaustible (it’s the most abundant element in the universe) and provides renewable energy without CO2 emissions.
At present, most hydrogen is extracted from natural gas through a process that emits polluting gases and requires high electricity consumption. However, green hydrogen is generated by the electrolysis of water. The process consists of decomposing water into oxygen and hydrogen into molecules, using electricity from renewable sources. Taking into account that carbon dioxide is not emitted either during its combustion or its production process, all eyes are on this fuel in the long term.
Therefore, it’s not surprising that, in order to accelerate the introduction of green hydrogen, the European Commission is investing thirty billion euros into R&D over the next ten years.
As renewable energy parks expand, energy prices are expected to decline, while demand for green hydrogen is expected to increase. This future scenario could reduce the price of this renewable fuel by 71% in 2050, while making the carbon market more expensive, forcing a total shift towards renewable energy.