Hydrogen economy

Hydrogen is a clean energy carrier that can play an important role in the global energy transition. One of the key drivers of the development of hydrogen is the unlocking of new trade opportunities. Hydrogen can be produced at the lowest cost in locations with the best renewable energy resources and low project development costs. This hydrogen can be traded with consuming countries that lack the domestic potential for sufficiently affordable hydrogen production.

At the same time, hydrogen can be an important input for specific energy-intensive processes in the industry. Processes that require significant amounts of hydrogen include ammonia production, direct reduction of iron ore and methanol production. Hydrogen is also used in

and biofuel refineries for hydrocracking, with a focus on diesel and biodiesel production. Finally, hydrogen and carbon dioxide can be used as feedstocks for so-called electro-fuels, or e-fuels, synthetic fuels with the same as or superior qualities than refined oil products.
New renewable hydrogen production activities can become a major contributor to a country’s economy, creating jobs and potentially having a multiplier effect when the hydrogen can be used in conjunction with other resources (e.g., iron ore) to export higher value-added commodities. Many oil-exporting countries have excellent renewable energy resources, which when combined can provide very low-cost electricity together with high capacity factors.


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