Global Hydrogen Market Will Be $600 Billion by 2050, says IRENA

Hydrogen Gas
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The International Renewable Energy Agency (IRENA) said hydrogen will play a crucial role in energy transition and reshape its global trade.

It will also redefine bilateral energy relations as the emergence of exporters and users changes the geopolitical landscape.

IRENA said this in its latest report entitled “Geopolitics of the Energy Transformation: The Hydrogen Factor.” Demand will take off around mid-2030s as costs are likely to fall with the scaling-up of needed infrastructure, it said.

The clean fuel is projected to account for 12% of global energy use and 10% of carbon emission reductions by 2050. This is because climate change goals and commitment of various countries to achieve net zero emissions.

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