Hydrogen is increasingly identified as a critical success factor for the transition to a net-zero world by 2050. However, clean hydrogen is currently not scaling fast enough to deliver on that promise. Because of the ongoing COVID-19 crisis, lower fossil fuel & CO2 prices provide an important additional challenge.
Current momentum on clean hydrogen is unprecedented. Green hydrogen derived from water electrolysis using renewable electricity, or blue hydrogen produced from fossil fuels with carbon capture have significantly lower emissions. But so far, cost and scale remain challenges to overcome, even if hydrogen already starts to be competitive in some geographies and applications.
The World Economic Forum is a longstanding supporter of the clean hydrogen agenda since 2017, having helped -inter alia- with the creation of the Hydrogen Council, the establishment of a hydrogen Innovation Challenge in partnership with Mission Innovation, and the creation, together with the Energy Transitions Commission, of the Mission Possible platform to help transition hard-to-abate sectors to net-zero emissions by 2050.
In Davos this year, the Annual Meeting 2020 paved the way for setting up a new collaborative effort towards scaling clean hydrogen, focusing on increasing demand from hard-to-abate sectors to bring down costs by 2025.