Hydrocarbon-rich countries (HRCs) can effectively produce clean hydrogen at scale, repurpose existing infrastructure and support global decarbonisation, according to a new McKinsey study.
Its new report, The clean hydrogen opportunity for hydrocarbon-rich countries, reveals how HRCs can leverage their experience in large energy projects, access to abundant renewable energy, and their extensive, highly developed export infrastructure in order to facilitate the scaling up of blue and green hydrogen.
HRCs form a diverse group across a range of climates and geographies, including countries such as Canada, the US, and Saudi Arabia. Not only do these countries possess the hydrocarbons necessary to produce low-carbon blue hydrogen, but they also have experience in developing and operating complex industrial projects, and tend to have the renewable resources to produce green hydrogen at scale.
For the hydrogen promise to materialise for HRCs, they will need to scale up competitive supply of both blue and green hydrogen. Green hydrogen costs are expected to decline by approximately 50% by 2030, as electrolyser costs fall.
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