Post by account_disabled on Mar 11, 2024 4:40:27 GMT -5
Governments could make the biggest difference is in the 20% of emissions that come from industrial activities, which is the third technology that has the greatest potential. Green hydrogen—produced by splitting water molecules with an electrical current from renewable energy—is at a similar stage of Spain Mobile Number List development as wind and solar were in the mid-2000s. Hydrogen has potential in a number of industrial uses, where traditional renewables are not suitable, such as steel, cement and heavy transport. If stored underground, it could even provide backup power for electrical grids. Bloombergnef estimates that hydrogen could meet 24% of the world's energy needs by 2050, with annual sales of $200 billion to $700 billion. At the high end, that's almost half the size of the current oil market, where turnover in the region is $1.5 trillion or more a year.
There is only one problem: the enormous amount of energy required to produce it . Bloombergnef estimates that 31,320 terawatt-hours of electricity would be needed to reach its 24% goal. That's more than the roughly 26,000 twh the entire world generated from all sources last year, of which only 10,000 twh came from zero-carbon sources. Wind and solar energy account for less than 3,000 twh. If this seems impossibly ambitious, it's worth remembering that renewables that compete with fossil fuels on cost also seemed like a distant goal until recently. Economist nicholas stern's influential 2006 study on the economics of climate argued that this should not be expected to occur until the 2030s at least. What has changed is the set of government-backed demand policies during the 2000s and 2010s that gave strong incentives to build more wind and solar capacity, such as germany's feed-in tariffs for solar and energy standards.
Of the united states renewable portfolio for wind energy. These were probably more important than spending on research and development in getting renewables off the ground. Once a technology is relatively mature, the best way to reduce costs is not to make breakthroughs in the laboratory, but simply to build much larger factories. Policy for h2 what would that policy be like for h2? Governments should provide subsidies to reduce the cost of green hydrogen below conventional energy sources. The transport, steel and cement industries should have guidelines requiring them to switch, for example, 30% of production to hydrogen energy by 2030. Subsidies over the next decade will need to total $150 billion, bloombergnef said in its article, but that is relatively small in the context of trillions of stimulus spending.