A new coalition to support and accelerate the uptake of renewable hydrogen solutions has this week been launched by SolarPower Europe, WindEurope, with support of Breakthrough Energy.
Launched on Monday (23rd Nov), the Renewable Hydrogen Coalition hopes to give a voice to businesses and thought leaders that will be decisive in positioning Europe as a world leader in renewable hydrogen, produced via electrolysis and based on 100% renewable electricity.
Coinciding with the first-ever European Hydrogen Week, the consortium launched with a new white paper, produced by Material Economics, which outlines all of its ambitions, in addition to a number of insights. Key points outlined in the paper include:
- Renewable hydrogen is a significant investment opportunity of €550-700 billion with an abatement potential of 450-550 Mt CO2 (or 10% of Europe’s annual emissions).
- Europe could mainstream renewable hydrogen much faster than current strategies suggest through value chain collaborations with end-product producers.
- There is significant ‘hidden demand’ in the European economy for green hydrogen, with 540 TWh potential demand unlockable in the near term and 1200-1400 TWh in the medium-term, provided there will be sufficient cost decreases, investments, and policy support.
- To realise this potential, Europe needs to act with speed and scale in four areas: establish lead markets (e.g. green fertilisers and steel), mobilise massive investments (especially in renewables as over 280 GW dedicated capacity is likely needed), accelerate innovation from early-stage research through demonstration, deployment and scale-up, and establish enabling policies and standards.
With those insights in mind, the coalition has set out with a goal to empower Europe and build on its flourishing renewables industry, create a world class electrolyser industry, and develop the business models and markets that will make renewable hydrogen mainstream.
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