The World Business Council for Sustainable Development (WBCSD) and the Sustainable Markets Initiative (SMI) today announced on Industry Day at COP26 the pledges of 28 companies to drive growth in the demand for, and supply of, hydrogen.
This new initiative, comprising of these companies – H2Zero – will accelerate the use and production of hydrogen as an essential part of the future net-zero energy system.
Pledges across three categories – demand, supply and financial or technical support – have been made by 28 companies representing different sectors from mining to energy, vehicle and equipment manufacturers, and financial services, including HINICIO.
The Hydrogen Council estimates that in 2030, the decarbonisation potential for hydrogen could equate to approximately 800 million tonnes per annum (mtpa) of carbon dioxide (CO2) emissions avoided. The pledges announced today equate to nearly one-quarter of this total.
On the demand side, the pledges – which total 1.6 mtpa of lower-carbon intensity hydrogen – focus on replacing grey hydrogen, currently used widely in the refining, chemical and fertilizer sectors, or diesel fuel used in heavy industries such as mining. This would reduce carbon dioxide emissions by more than 14 million tons a year – the equivalent to the annual emissions of more than six million cars in Europe.
On the supply side, the pledges add up to more than 18 mtpa of lower-carbon hydrogen. This would avoid about 190 million tons a year of CO2 emissions if it replaces grey hydrogen, natural gas for industrial heat and petroleum fuels in transportation. This would be the equivalent of nearly the combined annual emissions of The Netherlands and Tunisia.
For more information, please download the entire document with the WBCSD HYDROGEN PLEDGES here, and watch the live feed for the hydrogen panel on November 9, at 16:50 GMT in the following link: https://bit.ly/3mVK3wq
