August 17 (Renewables Now) - Exporting hydrogen to meet global demand could contribute AUD 1.67 billion (USD 1bn/EUR 1.07bn) to the Australian economy by 2030, according to the Australian Renewable Energy Agency (ARENA) and ACIL Allen Consulting.
In a joint report, they say the business of supplying global hydrogen demand is likely to be a substantial one. The report has identified Japan, China, the Republic of Korea and Singapore as prospective markets for Australian hydrogen by 2025.
“The sector is still in its infancy which places Australia in a prime position to utilise its abundant renewable resources, as well as proven track record of exporting energy and strong relationships with energy importers to become a major player in exporting hydrogen to Asia and around the globe,” said ARENA CEO Ivor Frischknecht.
The world currently produces roughly 55 million tonnes of hydrogen almost entirely for non-energy purposes, but the sector is expected to grow rapidly between 2030 and 2040. Shell’s Sky Scenario, for example, projects that after 2040 hydrogen emerges as a material energy carrier and hydrogen consumption reaches 25% of all transport demand and 10% of global final energy consumption by 2100.
The ARENA-ACIL report is available at https://arena.gov.au/assets/2018/08/opportunities-for-australia-from-hydrogen-exports.pdf.
(AUD 1 = USD 0.73/EUR 0.64)