DNV GL has launched a new report: Heading for Hydrogen, exploring the prospects of hydrogen and urging market growth, with insights of how industry and government can come into play.
The new report reveals that 21% of more than 1,000 senior oil and gas professionals say that their companies have already entered the hydrogen market. Additionally, 52% of the industry’s leaders expect hydrogen to be a significant part of the energy mix by 2030.
More than half (54%) of respondents to DNV GL’s research in the Middle East & North Africa agree that hydrogen will be a significant part of the energy mix within 10 years.
“Hydrogen is in the spotlight as the energy transition moves at pace – and rightly so. But to realize its potential, both governments and industry will need to make bold decisions,” said Liv A. Hovem, CEO, DNV GL – Oil & Gas. “The challenge now is not in the ambition, but in changing the timeline: from hydrogen on the horizon to hydrogen in our homes, businesses, and transport systems.”
According to the report, the future of hydrogen energy is wrapped up with the future of natural gas, renewable energy, and carbon capture and storage (CCS). This yields useful synergies, but also political, economic, and technical complexity.
“To progress to the stage where societies and industry can enjoy the benefits of hydrogen at scale, all stakeholders will need immediate focus on proving safety, enabling infrastructure, scaling CCS technology, and incentivizing value chains through policy,” said Hovem.
The report calls for greater industry and government collaboration to enable market growth and identifies four immediate focus areas for this: proving safety, developing infrastructure, scaling CCS technology, and incentivizing value chains through policy.