Black & Veatch: Hydrogen Economy Taking Shape as Decarbonization Planning, Investments Accelerate
OVERLAND PARK, Kan., March 16, 2021 /3BL Media/ – With expectations rising for more than $10 trillion (USD) of investments in hydrogen infrastructure by 2025, clean-burning, energy-dense hydrogen will be a critical element in decarbonizing the world’s energy systems, supply chains and heavy industries, finds Hydrogen 2021: The Path to Net Zero Becomes Clearer, a new eBook from energy transition leader Black & Veatch.
Based on the expertise and insights of Black & Veatch’s market, technology and infrastructure experts, the eBook explores the need to develop hydrogen infrastructure to help accelerate global carbon emissions reductions in the current decade. Although this effort will have its challenges, lessons from the renewable energy market provide a roadmap for rapid adoption.
“While renewable energy, including battery energy storage, are playing a vital role in achieving the world’s decarbonization targets, the need for a balanced generation portfolio continues,” said Jason Rowell, associate vice president and global technology portfolio manager with Black & Veatch’s global power business. “Hydrogen will play a pivotal role in tomorrow’s energy systems and we need serious investment in hydrogen today to achieve a shared vision for a more sustainable planet.”
Hydrogen 2021: The Path to Net Zero Becomes Clearer explores how planning, policies and investment in hydrogen as a zero-carbon fuel are gathering momentum and where progress is already underway. Key applications identified in the report include uses across power generation, transportation, residential and industrial heating, green chemicals and energy storage, which offers another alternative to battery energy storage. Plus, hydrogen's ability to be stored and transported as ammonia will also help spur wide-scale adoption, particularly given the extensive existing global infrastructure.
More than 35 gigawatts of new hydrogen-capable power generation projects have been announced through 2030, including the Long Ridge Energy Terminal, a 485-MW combined-cycle natural gas project in Ohio and the Intermountain Power Project Renewal Project, an 840-MW combined-cycle gas facility in Utah. The eBook also references the 60-percent projected fall in cost of low-carbon and/or renewable hydrogen production by 2030 as outlined by the Hydrogen Council, which Black & Veatch recently joined. Industry estimates peg hydrogen is will replace upwards of 25 percent of oil demand by 2050 also.
Other opportunities for investment today include the integration of ammonia-ready storage and transportation infrastructure with global liquified natural gas infrastructure, and the adoption of hydrogen fuel cell electric vehicles for heavy transport and commercial use. At the same time, investments in transmission and distribution systems and technologies also play a pivotal role in what has become an increasingly important integrated power infrastructure model.
- Download your free copy of Hydrogen 2021: The Path to Net Zero Becomes Clearer today.
- Black & Veatch is a member of the Hydrogen Council, “a global initiative of leading energy, transport and industry companies with a united vision and long-term ambition for hydrogen to foster the energy transition;” a member of the Center for Hydrogen Safety, the Fuel Cell Hydrogen & Energy Association, California Hydrogen Business Council and the Ammonia Energy Association.
- Since October 2020, the EU, China, Korea, Japan and Singapore are among a growing number of major governments that have announced or tightened net-zero emissions targets
- Learn more about Black & Veatch’s role in the hydrogen revolution.
About Black & Veatch
Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.
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