UAE doubles commitment to clean energy: Minister of Economy Abdulla Bin Touq Al Marri announced UAE plans to invest an additional $160 billion in clean and renewable energy sources between now and 2050. To put the scale of this investment plan into perspective, the past 15 years saw the UAE invest $40 billion in clean energy, making its future decades’ plan a 100% increase on past efforts. Green and blue hydrogen will play a key role in the ramp up of the UAE’s net-zero plans, according to the senior minister.
NEOM Hydro plant plan advances: Air Products, ACWA Power and NEOM have inked an agreement on the previously announced $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy. Once complete in 2025, it will be able to produce 650 tons of hydrogen per day by electrolysis using Thyssenkrupp technology; nitrogen by air separation using Air Products technology; and 1.2 million tons per year of green ammonia using Haldor Topsoe technology.
EC seeds another $1.8 billion into clean energy projects: The latest in a series of clean energy investment waves, the European Commission has greenlit another $1.8 billion of investments in 17 projects worldwide. Several are high-profile, large-scale green hydrogen and waste-to-hydrogen efforts. Together, the supported projects are predicted to save around 136 million tons of CO2 emissions within the first 10 years of operation.
Green Hydrogen becomes cheaper than gas in Europe: Across eight European countries, the cost of LNG (Liquified Natural Gas) is now higher than that of green hydrogen. Admittedly, this speaks more to the skyrocketing price Europe currently pays for gas than any major tumbling of green hydrogen costs. However, this state of affairs is important in highlighting the long-term viability of favouring green hydrogen development. This is yet another indication of how vital it is for Europe to extend its energy security options, particularly with a view to decarbonisation at the same time.