As global leaders gathered at COP23 in Bonn, Germany, 18 key leaders in their industry verticals, united in the Hydrogen Council coalition, came together to launch the first-ever globally quantified vision of the role of hydrogen, developed with support from McKinsey & Company. In addition to being a key pillar in the energy transition, the study shows that hydrogen has the potential to generate USD 2.5 trillion worth of business, creating more than 30 million jobs by 2050.
Taking the Hydrogen Council’s vision for hydrogen to the next level, the study entitled ‘Hydrogen, scaling up’ outlines a comprehensive and quantified roadmap to scale deployment and its enabling impact on the energy transition. Deployed at scale, hydrogen could account for almost one-fifth of total final energy consumed by 2050. This would reduce annual CO2 emissions by roughly six gigatons compared to today’s levels, and contribute to roughly 20% of the abatement required to limit global warming to two degrees Celsius.
On the demand side, the Hydrogen Council sees the potential for hydrogen to power about 10 to 15 million cars and 500,000 trucks by 2030, with many uses in other sectors as well. Overall, the study predicts that the annual demand for hydrogen could increase tenfold by 2050, meeting 18% of total final energy demand in the 2050 two-degree scenario. At a time when global populations are expected to grow by two billion people by 2050, hydrogen technologies have the potential to create opportunities for sustainable economic growth.
“The world in the 21st century must transition to widespread low-carbon energy use,” said Takeshi Uchiyamada, Chairman of Toyota Motor Corporation and Co-chair of the Hydrogen Council. “Hydrogen is an indispensable resource to achieve this transition, because it can be used to store and transport wind, solar, and other renewable electricity to power transportation and many other things. The sooner we get the hydrogen economy going, the better, and we are all committed to making this a reality.”
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