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    Wood Mackenzie: Major energy players raise the game in green investments in Asia


    June 17, 2022 - Contify Energy News

     

      BP confirmed today that it picked up over 40% stake in the Asian Renewable Energy Hub project to produce and export green hydrogen in Australia. In addition, TotalEnergies and Adani announced yesterday an investment of US$5 billion into the development of hydrogen and derivatives business in India. “Hydrogen is a wonder-fuel and can decarbonise all sectors of economy. In Wood Mackenzie’s 1.5-degree scenario analysis, low carbon hydrogen demand reaches over 600 Mt in 2050 from under 1 Mt today. We estimate US$3.5 trillion is needed to build renewable electricity supply and electrolyser capacity by 2050. The demand growth will be mainly driven by China, India, Japan, Korea, Europe, and the US," Wood Mackenzie vice president Prakash Sharma said.

      Original Press Release:

      June 15 -- Wood Mackenzie issued the following news release:

      BP confirmed today that it picked up over 40% stake in the Asian Renewable Energy Hub project to produce and export green hydrogen in Australia. In addition, TotalEnergies and Adani announced yesterday an investment of US$5 billion into the development of hydrogen and derivatives business in India.

      Commenting on the announcements, Wood Mackenzie vice president Prakash Sharma said: “The tide is turning on hydrogen investments in Asia. After a 100-fold jump in low carbon hydrogen project announcements over the past three years, major energy players now seem willing to raise the game on green investments.

      “The investments committed by BP and TotalEnergies confirm the industry’s confidence in hydrogen technology. Australia is home to nearly a quarter of all the announced projects and more capital will flow into low carbon hydrogen projects in the future if they are backed by a firm off-taker.

      “Hydrogen is a wonder-fuel and can decarbonise all sectors of economy. In Wood Mackenzie’s 1.5-degree scenario analysis, low carbon hydrogen demand reaches over 600 Mt in 2050 from under 1 Mt today. We estimate US$3.5 trillion is needed to build renewable electricity supply and electrolyser capacity by 2050. The demand growth will be mainly driven by China, India, Japan, Korea, Europe, and the US.

      “Hydrogen also offers significant export opportunities to countries blessed with renewable energy resources and we expect Australia, Middle East and North America to emerge as dominant players in the traded market for hydrogen and ammonia longer term.”

      Source: Wood Mackenzie

      [Category: Energy, New Renewable Energy, ESG]

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