Morocco is among the countries best suited to become the main producers of hydrogen, which will be able to influence prices because of favorable policies and the availability of renewable energy sources, according to a report by The International Renewable Energy Agency (IRENA), released on January 16.
The North African country made the top 5 alongside Australia, Chile, Saudi Arabia, and the US.
The IRENA report estimates that high gas prices in Europe are likely to accelerate the move to clean energy, as well as fuel the growth of green hydrogen as an alternative energy source, the Financial Times reports.
These resources, which are made from water and electricity generated from renewable resources, are attracting the interest of many nations that want to achieve net-zero emissions by 2050.
Producers of fossil fuels could also switch to hydrogen production. Saudi Arabia, in particular, wants to become “the cheapest producer of green hydrogen in the world” in order to reduce its dependency on oil and gas.
“Green hydrogen is produced from renewable electricity and blue hydrogen is produced from natural gas,” the Financial Times states.
Carbon capture is crucial to achieving climate objectives since it limits greenhouse gas emissions.
Furthermore, the market will develop in a “more regional than global” dynamic, and the gas produced can be sourced from multiple countries.
Therefore, “profits are unlikely to reach the levels traditionally enjoyed by oil and gas producers,” the same source states.
If greenhouse gas emissions are reduced significantly to limit global warming to 1.5°C, hydrogen could provide 12% of the world’s energy needs by 2050, the IRENA report indicates.
It is expected that IRENA will develop a “new mapping of energy geopolitics” including the implementation of a “hydrogen diplomacy” in an effort to raise production around the world and in particular in the countries that are most affected.
Several nations around the world, including the United States, China, the European Union, Japan, India and South Korea, have already prioritized hydrogen in their energy plans.
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