The Birth of a Hydrogen Economy?
By Milind Phadke, Vice President, Energy
In July 2020, the EU announced its hydrogen policy to achieve a carbon-neutral economy. Several countries, including Australia and Japan, have issued such policies in the past. The EU policy is different in that it is more comprehensive and takes an integrated approach to reducing carbon footprints. The policy, issued as part of the EU’s COVID-19 pandemic recovery efforts, is based on a philosophy of “rebuild better” to be better equipped to fight climate change.
At the heart of the EU plan and other plans before it is the idea of using carbon-neutral hydrogen as essentially the currency of the new energy economy; hydrogen can be used to store carbon-free energy that, in turn, can be traded as a commodity between producers and consumers. Carbon-neutral hydrogen produced from various renewable energy sources and used in any application—residential, commercial, industrial, power generation, or transport—will reduce/eliminate the carbon footprint of that application. There are two key benefits to this approach...
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