Business
Asia’s largest economies set to drive $180 billion green hydrogen market by 2050, report finds – Times of India
[ad_1]
In the latest report released by the High-level Policy Commission on Getting Asia to Net Zero, it was revealed that Asia’s four largest economies could play a pivotal role in expanding the market for green hydrogen (H2) electrolyzers. The report, titled “Green Hydrogen for Decarbonizing Asia’s Industrial Giants,” suggests that these nations—China, India, Japan, and South Korea—have the potential to generate a combined market worth $180 billion by 2050, primarily catering to key industrial applications.
The commission, convened by the Asia Society Policy Institute, aims to accelerate Asia’s transition to net zero emissions while ensuring continued economic growth.The report highlights the crucial role of green hydrogen in decarbonizing industries such as steel, ammonia, and methanol, where it can significantly reduce emissions by replacing carbon-intensive processes with renewable energy-powered electrolysis.
Under various decarbonization scenarios, the report projects substantial growth in the market potential of green hydrogen electrolyzers across the four countries by 2050. China leads the pack with a projected market worth of $85 billion, followed by India with $78 billion, Japan with $9 billion, and South Korea with $8 billion.
According to Ali Hasanbeigi, Founder, CEO, and Research Director at Global Efficiency Intelligence, utilizing green hydrogen in steelmaking and producing green ammonia and methanol is essential for decarbonizing these key sectors. The report emphasizes the massive market potential for electrolyzers in these Asian countries and the substantial gains for those who invest in this technology.
Kate Logan, Associate Director of Climate at the Asia Society Policy Institute, underscores the transformative impact of ambitious net zero targets on driving demand for critical technologies like electrolyzers. She suggested that Asia’s industrial giants could view net zero pathways as opportunities for development rather than constraints.
The report’s launch event, held on April 12 in New Delhi, India, garnered praise from Amitabh Kant, India’s G20 Sherpa, who emphasized India’s commitment to becoming energy-independent by 2047 and achieving net zero by 2070. He acknowledged the pivotal role of green hydrogen in this endeavor and India’s potential to become a global producer of green hydrogen.
Charith Konda, Energy Specialist at the Institute for Energy Economics and Financial Analysis, highlighted India’s promising outlook in the green hydrogen market, with a projected Compound Annual Growth Rate (CAGR) of 16%. This optimistic forecast signals to investors and policymakers the strategic importance of green hydrogen in meeting net zero objectives.
The commission, convened by the Asia Society Policy Institute, aims to accelerate Asia’s transition to net zero emissions while ensuring continued economic growth.The report highlights the crucial role of green hydrogen in decarbonizing industries such as steel, ammonia, and methanol, where it can significantly reduce emissions by replacing carbon-intensive processes with renewable energy-powered electrolysis.
Under various decarbonization scenarios, the report projects substantial growth in the market potential of green hydrogen electrolyzers across the four countries by 2050. China leads the pack with a projected market worth of $85 billion, followed by India with $78 billion, Japan with $9 billion, and South Korea with $8 billion.
According to Ali Hasanbeigi, Founder, CEO, and Research Director at Global Efficiency Intelligence, utilizing green hydrogen in steelmaking and producing green ammonia and methanol is essential for decarbonizing these key sectors. The report emphasizes the massive market potential for electrolyzers in these Asian countries and the substantial gains for those who invest in this technology.
Kate Logan, Associate Director of Climate at the Asia Society Policy Institute, underscores the transformative impact of ambitious net zero targets on driving demand for critical technologies like electrolyzers. She suggested that Asia’s industrial giants could view net zero pathways as opportunities for development rather than constraints.
The report’s launch event, held on April 12 in New Delhi, India, garnered praise from Amitabh Kant, India’s G20 Sherpa, who emphasized India’s commitment to becoming energy-independent by 2047 and achieving net zero by 2070. He acknowledged the pivotal role of green hydrogen in this endeavor and India’s potential to become a global producer of green hydrogen.
Charith Konda, Energy Specialist at the Institute for Energy Economics and Financial Analysis, highlighted India’s promising outlook in the green hydrogen market, with a projected Compound Annual Growth Rate (CAGR) of 16%. This optimistic forecast signals to investors and policymakers the strategic importance of green hydrogen in meeting net zero objectives.
