The Baker Hughes Energy Transition Pulse 2023 report surveyed 555 executives active in energy and hard-to-abate industries across the Americas, Asia-Pacific, Europe, and the Middle East and Africa, about their readiness to achieve Net Zero by 2050.
It found that 30% of those surveyed said they will prioritise the use of or investment in hydrogen in the future, up from a current 19%, ranking it above synthetic fuels or gases; carbon capture utilisation and storage (CCUS); or nuclear power.
Technologies ranked above hydrogen for prioritisation and investments were natural gas/LNG, solar, wind, biomass/waste-to-energy, geothermal, and energy storage.
© The Baker Hughes Energy Transition Pulse 2023
However, the report notes that blue and green hydrogen need a more extensive infrastructure transition than other sources of clean energy, as well as “new value chains that unlock cost competitiveness but have not yet been proven.”
As part of the Baker Hughes report, Mark Nelson, Executive Vice-President of Strategy, Policy and Development at Chevron, said, “A few things need to continue to happen for hydrogen to be what we all want it to be.”
Nelson explained that technology developments that aid reducing costs of manufacturing and transportation are still required, commenting, “We’re also working hard on the economies of scale, which will help the transportation of hydrogen.”
Speaking to Baker Hughes, Ilham Kadri, CEO and President of the Executive Committee of Solvay, added that as a result of war in Ukraine, the multinational manufacturing company is using less gas in its plants across Europe.
Kadri said, ““The crisis is an opportunity to build that infrastructure faster and with less permitting time, and it’s vital for the competitiveness of the European industrial footprint.”
The report concluded that as the world strives towards its Net Zero by 2050 target, companies expect to make near-term investments in lower-carbon energy such as natural gas and LNG, while also working to implement new generation solutions such as hydrogen, waste-to-hydrogen, geothermal, battery storage, and CCUS.
Bakers Hughes added, “Partnerships and collaboration can unlock the energy systems of the future, supported by the adoption of new technology and aligned with a forward-looking hydrocarbons strategy, as we work together to solve the energy trilemma of energy security, sustainability and affordability.”
A Successful Ecosystem for Green Hydrogen – London
It is becoming ever clearer that the entire green hydrogen ecosystem requires alignment. Hydrogen’s potential, performance, and safety are proven. Green hydrogen is widely accepted as a core pathway to Net Zero, yet the key levers in the transition are not yet in-sync.
At H2 View we recognise the increasingly challenging economic climate that various countries/economies are currently facing. We want to help as many companies as possible in the hydrogen space to achieve their needs as competitively and logically as possible. As a result, we felt it was a compelling decision to relocate our previously planned event in Iceland, to a venue in London.
Join H2 View in London, one of the foremost investment capitals of the world, for a 1.5-day event devoted to thought leadership, insights, and actionable takeaways in the green hydrogen ecosystem, combined with the connections and networking to deliver against those objectives.
This H2 View hydrogen summit is dedicated to dissecting the ecosystem requirements to truly realise a green hydrogen-fuelled future across industries, transport, and society. This event will tackle all sides of the energy ecosystem, from wind and solar power requirements to additionality, water sustainability, electrolyser technologies, and investment and policy climate.
You can find more information at h2-viewevents.com.