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Green hydrogen remains too expensive to compete against conventional sources of hydrogen and other fuels, but the number of hydrogen projects underway has grown seven-fold in the past year as investors bank on the likelihood that hydrogen costs will fall, according to a report out last week from Wood Mackenzie.
Green hydrogen may be cheaper than natural gas in at least 16 countries by 2050, and should be cheaper than conventional hydrogen extracted from fossil fuels by 2030 in most countries, according to Martin Tengler, lead hydrogen analyst for BloombergNEF.
As-yet unexplored regulatory and technology options could cause the price of hydrogen to drop even further, according to Janice Lin, founder and president of the Green Hydrogen Coalition. “Clearly that’s not where costs are today,” Lin said, “but I think we’ve answered the question of ‘is this even possible’ — and the answer, I’m happy to report, is yes.”