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illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: Green hydrogen is poised to revolutionize the energy sector, potentially replacing oil as the primary global energy source
• Countries and companies are forming international coalitions to navigate the transition toward a hydrogen economy, aiming to decarbonize sectors like steel, chemicals, and shipping
🔭 The context: The green hydrogen market is expected to grow from $1 billion to $30 billion by 2030, driven by lower renewable energy costs and advancements in electrolysis
• However, challenges such as the high costs of production, transportation, and storage, as well as the current predominance of "grey hydrogen," underscore the need for significant infrastructure development
🌍 Why it matters for the planet: Hydrogen, particularly when produced through environmentally friendly methods, offers a clean, abundant, and renewable energy source
• It represents a critical pathway to achieving net-zero emissions by 2050, particularly in hard-to-abate sectors
⏭️ What's next: The global push for green hydrogen involves scaling up production and infrastructure
• International partnerships, such as those between the UAE and Germany or South Korea's $40 billion investment in hydrogen infrastructure, highlight the collaborative efforts required to meet future demand and transition to cleaner energy sources
💬 One quote: "If you need clean energy, then green hydrogen is an important part of that transition. The money flowing in will create new jobs, technologies, and markets, tremendously impacting the entire value chain," (Fredrik Mowill, CEO of Hystar)
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