The report suggests that hydrogen will provide a key opportunity to decarbonise 25% of all energy consumption which is a significant figure when noticing the urgent action required in reducing fossil fuel consumption in the energy market in line with climate action.

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Titled Hydrogen to clean up energy with $10 trillion spend the report offers key insights into the global forecast of hydrogen demand through to 2050 when the demand will reach its maximum and fossil fuels have been phased out.

As revealed by the title, the report reveals that a total of $10 trillion could be invested within the hydrogen sector to boost its overall production and innovation.

This could see the clean energy carrier become a key aspect of the green revolution and become a household name by the middle of the decade.

By the mid-century, hydrogen costs will also have fallen by 95% over the levels seen in 2020 which will additionally see demand increase 10-fold for the clean energy carrier.

With this increase, it is expected that 771 million tonnes of hydrogen will be required per year in 2050 to reach demand as the world races towards net zero emissions.

Within just two years, green hydrogen produced by electrolysers will undertake the cost of existing grey hydrogen supplies meaning that green hydrogen becomes cheaper and cleaner than other variants.

Industries like steelmaking and cement production, that have plodded along for centuries using age-old techniques will also be forced into change with transportation, heating and power, and utilities and energy suppliers prepared for shakedowns to adjust to the rising need to integrate hydrogen technologies for net zero emissions.

You can find the report here.