Not for long !HPQ Nano will soon help the transition ! The EU has also laid out plans to install 40 gigawatts of renewable hydrogen electrolyzers and produce as much as 10 million metric tons of renewable hydrogen by the year 2030.
At the moment, however, the vast majority of hydrogen generation is based on fossil fuels, which in turn has an effect on the environment. The IEA has said that hydrogen production is responsible for roughly 830 million metric tons of carbon dioxide each year.
It’s within this context that the idea of green hydrogen is so attractive, although its role in the overall energy mix is small and accounts for just 0.1% of worldwide hydrogen production in 2020, according to Wood Mackenzie.
Green hydrogen is also expensive to produce, but an August 2020 report from Wood Mackenzie said costs could fall by as much as 64% by the year 2040.
Canada is set to have one the world's biggest green hydrogen plants