2023-08-29 22:00:00
Hydrogen has become a subject of growing interest in the energy world since 2018. Indeed, hydrogen appears as an essential energy carrier to decarbonize many sectors which are difficult (even impossible) to electrify economically and technically, such as the production of steel or cement, petrochemicals, maritime transport or air, and part of the road transport. Hydrogen (or its derivatives such as methanol, ammonia, or electro-fuels) therefore appears to be necessary to achieve the objectives of carbon neutrality.
Currently, hydrogen is mainly consumed at its place of production and produced from fossil fuels. In the future, hydrogen will have to be decarbonized, produced either from electrolysis and renewable electricity, or from the steam reforming of natural gas with carbon capture and storage. A global market with trade is likely to form. This therefore benefits countries with abundant and inexpensive renewable energy resources, while traditional exporters of fossil fuels, especially natural gas, rely on their resources to remain influential as exporters.
The prospects for a sharp increase in the role of hydrogen in the energy mix are likely to profoundly upset the global energy landscape. Through the “hydrogen strategies”, already published by more than 40 countries, and bilateral agreements, a different energy geography is emerging. New exporting countries, such as Chile or Morocco, are entering the world energy scene. Today’s fossil fuel exporters are trying to keep their role and make hydrogen their new oil. A high number of potential producers and exporters also suggests fierce competition between these countries to supply a limited number of importers, centered on Europe and Asia.
However, the hydrogen economy goes beyond supply and demand balances. It includes all the technologies associated with hydrogen, such as electrolyzers or fuel cells, as well as the raw materials necessary for the production of these technologies. Countries such as the United States, Europe, China, Japan or South Korea are positioning themselves to dominate the different parts of the value scale of this new energy vector.
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