As according to the Fitch Solutions, globally, hydrogen sector is all anticipated to progress within $183bn within the year 2023, from around $129Bn within 2017.
Public conveyance in the UAE is expected to witness a refurbishment following the cabinet’s sanction of a national system for vehicles operating on the substitute fuel – a move that is projected to aid the nation for accomplishment of new clean energy goals.
On Sunday, the UAE cabinet permitted a nationwide system for hydrogen vehicles, as the nation ramps up construction of blue and green variants of the fuel.
Blue hydrogen is mass-formed from natural gas while green hydrogen refers to the fuel formed from clean energy sources.
As per the Research Agency, Fitch Solutions, the Hydorgen sector is poised to upsurge to $183Bn within 2023, from $129Bn during 2017. The research agency witnesses great power for hydrogen acceptance in conveyance.
The UAE has made noteworthy transfers to scale up its hydrogen economy, including the development of an association between the Abu Dhabi National Oil Company, Mubadala and ADQ, an industrial holding company.
On Monday, Mubadala and Italy’s Snam signed a treaty to join forces on “combined investment and progress” of hydrogen.
The firms will undertake a series of technical and economic probability studies to progress “a hydrogen economy for the UAE”, Musabbeh Al Kaabi, chief executive of UAE Investments at Mubadala Investment Company, stated the same in a statement.
As per the statement given by Antoine Trieux, Managing Director and an infrastructure and energy industry banker at Natixis, “In terms of effect on the local economy, “captive convoys of vehicles” from passenger cars to heavy duty trucks that have flexible access to refuelling stations could take an added advantage from the endorsement of a hydrogen vehicle system.”
Mr Trieux further added that: “This includes taxi fleets, buses, vehicles in ports/airports, garbage trucks [and] delivery trucks.”
The Executive Director at Green Economy Foundation, Ivano Iannelli, stated that there are the equivalents for the swiftness with which UAE is in progression to utilizing their agenda as well as in the manner of development of Solar Power.
He further also stated that: “In terms of hydrogen, they’re not looking at an isolated component of the value chain, but they are taking the entire marketplace at once … so they’re looking at manufacturing, production, distribution [and] utilisation.”
Sunday’s cabinet meeting also permitted the green signal to a national energy and water mandate administration programme, which is pointing a 40 percent upsurge in effectiveness for the three most energy-concentrated sectors of the economy – transportation, industry and construction.
“This initiative highpoints the constant efforts of the UAE government to attain a balance between economic progress and the environment, and promote a culture of conservation,” stated Saeed Mohammed Al Tayer, managing director & chief executive at Dewa.
The UAE, also the Opec’s third-largest producer, strategies to green its power consumption and is pointing a 50 percent renewable energy utilization by 2050.
The nation is a signatory of the Paris Agreement, which pursues to restrict global warming to below pre-industrial levels of below 2 degrees Celsius. Efforts to progress efficiency across energy concentrated sectors is part of the UAE’s natural progress in “updating targets in relation to the non-energy sectors”, Mr Iannelli stated.
