Green hydrogen-the fuel of future
In recent AGM of Reliance group Mr. Mukesh Ambani has reveled his initiatives on Green Hydrogen. Certainly while we are taking large scale deployment of future, green hydrogen can play a vital role in meeting not only the fuel demand of future, but can also act as energy storage option for grid scale energy storage when combined with fuel cell technology. currently the cost of hydrogen production is about 5 USD/kg. Majority of this production cost is accounted for electricity cost which can be reduced significantly if low cost solar/wind electricity is used for the electrolysis process. As per analysis done by IREA, the green hydrogen production cost can be achieved to the tune of USD 1/kg. The reliance four point agenda of its renewable strategy is around tapping the green hydrogen market and become a global leader to meet not only the domestic demand of hydrogen, but also the global demand. The company targets to build silica to solar module, advanced energy storage systems, green hydrogen and the fuel cell technology. This is termed as hyper integration plan of reliance group.
Gree Hydrogen production cost estimates by IRENA
The green hydrogen can be used in fuel cell powered electric cars, container ships, refineries, heat source in industries, electric turbines, and domestic heating applications.
It estimated potential demand for imported hydrogen in China, Japan, South Korea and Singapore could reach $9.5 billion by 2030.
By 2050, according to investment management firm Goldman Sachs, green hydrogen could supply up to 25 per cent of the world’s energy needs and become a US$10 trillion ($13 trillion) market.
BloombergNEF estimates that to generate enough green hydrogen to meet a quarter of the world’s energy needs would take more electricity than the world generates now from all sources and an investment of $11 trillion in production and storage.
Thats the reason the Reliance group has focused its strategy around the green hydrogen which aliogns its business of refineries with green hydrogen production.