The World Bank has launched a Hydrogen for Development Partnership (H4D) a global initiative to boost the expansion of low-carbon hydrogen in developing countries.
Discussions have risen during COP27 on the topic of renewable energy and the high potential of developing countries in being abundant places in renewable energy resources to make clean hydrogen.
‘Low-carbon hydrogen can have a significant role in countries seeking to accelerate their clean energy transition.’
‘Our new hydrogen partnership will enable developing countries to prepare low-carbon hydrogen projects and boost energy security and resilience for their people while lowering emissions’, commented David Malpass, President of the World Bank Group.
There are many positive impacts of switching to clean hydrogen such as the decarbonizing of heavy industries producing more than 25 per cent of the world’s CO2; hydrogen has the potential to replace fossil fuels as well as providing long-term and easy energy storage options.
Indeed, there are several countries that have incredible potential and could deliver amazing results for the future of the planet.
Africa has had a huge impact on the development of green hydrogen, predominantly with Kenya and Morocco.
Kenya has a remarkable plan to produce 30GW green hydrogen after signing a renewable energy agreement with the UK of £3.4 billion.
Morocco has also been trying to attract foreign investments, and this has been made possible with its local renewable energy developed Gaia, designed to help power Africa with renewable energy and has six gigawatts of projects under development.
Gaia has announced a deal with Israeli technology, H2Pro to develop cheaper hydrogen fuel produced by sustainable energy.
This partnership could have an extremely positive impact on the progress of the expenditure of clean energy in Africa and different parts of Asia.
Moreover, other regions of the world are becoming very important in the surge of clean energy with Chile announcing that it could produce up to 160 megatons of green hydrogen per year and become in 2040, the leading country in low-cost exports.
Hence, another agreement emerged during the COP27 with the InterAmerican Development Bank and the World Bank, for £331 million and £290 million to develop the green hydrogen sector in Chile.
Lastly, Brazil will receive a £7.45 billion investment from Australia to support a green hydrogen project.
(Sources: The World Bank, HYCAP)