At-a-Glance:
Storing fuel in salt caverns isn’t new, but hydrogen’s growing role in decarbonization has revitalized interest in the concept. The Advanced Clean Energy Storage project in Utah aims to build the world’s largest storage facility for 1,000 megawatts of clean power, partly by putting hydrogen into underground salt caverns. The concept is quickly gaining momentum in Europe. To learn more, read “An $11 trillion global hydrogen energy boom is coming. Here’s what could trigger it.
Key Takeaways:
- With the cost of renewables such as solar power falling, green hydrogen is being touted as one part of the energy mix that will lead toward decarbonization, with applications ranging from consumer and industrial power supplies to transportation and spaceflight.
- By 2050, U.S. demand for hydrogen could increase anywhere from 22 million to 41 million metric tons per year, up from 10 million today, according to a study released this month by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL).
- Bank of America believes hydrogen technology will generate $2.5 trillion in direct revenue — or $4 trillion if revenue from associated products such as fuel cell vehicles is counted — with the total market potential reaching $11 trillion by 2050.
Path to 100% Perspective:
Hydrogen has a high potential of becoming the fuel of the future, helping societies move towards decarbonization. Because hydrogen was not used as a power generation fuel in the past, the technologies to combust and use it in different applications need to be developed. Hydrogen burns with air to produce water, without any carbon emissions. It is perfect for use in 100% clean energy portfolios.
Photo by Micheile Henderson on Unsplash