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08 Dec 20201 minute read

Energy firms mission to halve hydrogen costs

ECAtoday
Energy firms mission to halve hydrogen costs

Several major energy companies, including Iberdrola, CWP Renewables and Envision are aiming to rapidly scale up the development of hydrogen fuel and halve its cost of production by 2026.

The UN-backed initiative, named the Green Hydrogen Catapult, is also targeting the deployment of 25GW of hydrogen capacity worldwide by 2026, in support of the Paris Agreement.

Nigel Topping, COP26 High Level Champion for Global Climate Action, said in BusinessGreen, “The world urgently needs to massively ramp up deployment of breakthrough solutions like green hydrogen.

“The bold vision and leadership of businesses can propel green hydrogen along an exponential growth trajectory to support economic recovery and deep decarbonisation sooner than anticipated."