- UAE, Saudi Arabia & Oman Looking To Become Leading Hydrogen Exporters
GCC Poised For Key Role In Global Green Hydrogen Market, Says World Future Energy Summit Report
Abu Dhabi, UAE – January xx 2023: The GCC is poised to play a key role in the world’s much anticipated future hydrogen market, with the UAE, Saudi Arabia and Oman looking to become leaders in the export of clean fuel, which will help drive the evolution of the region’s energy sector, according to a new report by the World Future Energy Summit.
Coming within weeks of WFES - the leading business event for future energy and sustainability which runs at Abu Dhabi National Exhibition Centre from January 16-18 – the report, commissioned from business consultancy Frost & Sullivan, paints a picture of huge opportunity for the region.
The report says that with GCC countries seeking to achieve energy sustainability through a combination of renewable energy integration, energy-efficiency implementations and hydrogen production and transport, the region’s energy sector is set for wide-scale evolution.
“Hydrogen has gained increasing recognition as a key contributor to the evolution of the energy sector and is expected to play a key role in decarbonizing the economy across end-use sectors in the GCC,” says the report. It adds: “GCC countries, especially the UAE, Saudi Arabia and Oman, are working on national strategies aimed at developing the hydrogen market in the region and positioning themselves as future hydrogen exporters.”
GCC countries currently use large quantities of natural gas-based grey hydrogen, and the availability of low-cost natural gas coupled with the ease of carbon capture, utilisation and storage allows for the cost-competitive production of blue hydrogen though the GCC has several competitive advantages to play a key role in the global green hydrogen economy. These advantages include solar and wind resources, financial capabilities, and export potential.
“Not only does the region have strong connectivity with developed economies in Europe, but a network of ports and pipeline infrastructure provides the region access to fast-growing markets in Asia and Africa. These trade routes and connectivity are expected to play a key role in hydrogen transportation, which would prove critical in meeting end-user demand for the fuel as future large demand markets such as Europe and Japan could face challenges in ramping up hydrogen production to meet demand requirements,” says the report.
The report recommends the region acts quickly to leverage a first-mover advantage and commit investments to achieve future cost competitiveness in the wake of rising competition from regions in North Africa, Europe, and Australia.
The report comes ahead of World Future Energy Summit 2023, which will have a strong focus on hydrogen’s potential through the new Hydrogen Innovation Hub, which will be at the heart of its Energy Expo & Forum, and through the dedicated Solar & Clean Energy Forum.
“Summit goers will get deep insights into the current and future solutions enabling hydrogen to play a critical role in the energy transition,” commented Leen AlSebai, Head of World Future Energy Summit and General Manager of RX Middle East, the event’s organiser. “The entire hydrogen eco-chain will be examined along with the key technologies that will enable the production, transport, storage and use of green hydrogen.”
Among the Solar Expo & Forum newcomers is the US renewable innovator Ohmium International which will demonstrate its cutting-edge Proton Exchange Membrane electrolyser technology, which converts renewable energy to emission-free hydrogen. Ohmium’s CEO, Arne Ballantine, says the company will be looking to meet partners who want to realize green hydrogen’s potential in making operations and supply chains more sustainable and achieve national sustainability goals.
“Ambitious Net Zero commitments and increased collaboration are helping to accelerate the pace of change. Recently the UAE Government launched a climate action pledge focused on the private sector to help support the country’s commitment to Net Zero by 2050. This resulted in 21 companies across the steel, aluminium, and cement industries agreeing to work alongside the Ministry of Climate Change and the Environment and WWF to reduce carbon emissions, many of which are likely to be met through the deployment of green hydrogen,” he said.
“The potential for green hydrogen in the Middle East and North African region is significant. The rich natural renewable resources make the region one of the best locations for green hydrogen production. However, speed of implementation will be key if the region is to fully realize its potential as a green hydrogen and renewable energy powerhouse.”
The World Future Energy Summit is hosted by Masdar and is part of Abu Dhabi Sustainability Week, a global platform for accelerating the world’s sustainable development. The event is also, for the first time ever, held in partnership with ENOWA.
For more information on the event and how to be involved, please visit https://www.worldfutureenergysummit.com