The world's largest developers of "green" hydrogen are creating the Green Hydrogen Catapult, which aims to increase production of alternative fuels by 50 times in 5 years and radically reduce production costs.
The founders of the new association are ACWA Power, CWP Renewables, Envision, Iberdrola, Ørsted, Snam, Yara and others. As part of the new initiative, industry leaders will deploy 25 gigawatts of renewable energy production by 2026.
The participants in the "catapult" expect that the effect of scaling up production capacity can reduce the cost of hydrogen to $ 2 per kilogram compared to the current $ 8. Experts note that $ 2 per kilogram will make hydrogen competitive in the hydrocarbon market, but they doubt the reality of these plans.
However, if the goal of the catapult is achieved, it will make a significant contribution to the world's efforts to decarbonize society, helping to transform carbon-intensive industries, including power generation, chemical industries, steelmaking and shipping, by displacing the use of gas or coal.