Wood Mackenzie: Global hydrogen demand could rise six-fold by 2050

October 29, 2021

The time is ripe for the world’s major energy exporters to accelerate the energy transition, and mastering the hydrogen trade could make a difference, says Wood Mackenzie, a Verisk business

The global energy market was worth an eye-watering US$2 trillion in 2020, contributing to more than 9 billion t of CO2e emissions. In the same year, the top five energy exporters – Saudi Arabia, Russia, Australia, the US, and Indonesia – produced more than half of all energy traded.

Wood Mackenzie research director, Prakash Sharma, said: “The global energy trade is set to see its largest disruption since the 1970s and the rise of the Organization of the Petroleum Exporting Countries (OPEC).

“In addition to investing in renewables to slash emissions and enhance energy security, countries and industries are now looking to electricity-based fuels and feedstocks, and hydrogen could be the gamechanger. A key differentiator is hydrogen’s massive potential in traded energy markets. Low-carbon hydrogen and its derivatives could account for around a third of the seaborne energy trade in a net-zero 2050 world.”

Between now and 2050, Wood Mackenzie forecasts global demand for hydrogen to increase between two and six-fold under its Energy Transition Outlook and Accelerated Energy Transition (AET) scenarios. Under the AET-1.5 scenario (1.5°C warming), low-carbon hydrogen demand reaches as much as 530 million t by 2050, with almost 150 million t of that traded on the seaborne market.

Read more here.

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