The Department of Energy is planning to invest $100 million over the next five years into research for hydrogen-powered heavy-duty trucks.
Bank of America Securities estimates in their latest Global Research Report that green hydrogen could provide up to 24% of our energy needs by 2050, helping to cut emissions by around a third. In doing so, the transition to green hydrogen could provide $11 trillion of infrastructure investment opportunities over the next 30 years, and direct annual revenues of $2.5 trillion.
Green hydrogen looks poised to become a once-in-a-generation opportunity: we estimate it could give rise to a €10 trillion addressable market globally by 2050 for the utilities industry alone.
BloombergNEF (BNEF) predicts that the EU’s and Germany’s plans to push the use of green hydrogen to decarbonize the economy are likely to trigger a competitive race with China that will be crucial for a global breakthrough of the technology. Europe’s recent commitments “completely change the outlook” for a sharp reduction in costs that will allow scaling up production and use of renewable hydrogen.