Global hydrogen market to be finalized by 2040

The global hydrogen market - similar to the oil and gas markets - will emerge closer to 2040, Russian Energy Minister Nikolay Shulginov said in an interview with RIA Novosti, Report informs.

“But in fact, estimates for the hydrogen market are still very different - from tens to hundreds of millions of tons. This will be either some kind of global market with sea transportation to places of consumption, for example, to Japan, or hydrogen pipelines, as they are discussing in Europe. The markets may be local, located next to production and consumption,” the Russian official added.

He noted that concerning hydrogen, several unresolved issues remain: accumulation, storage, materials, transportation, use. He urged not to ‘rush into the abyss’ of only one type of fuel (for example, ‘green’ hydrogen), to consider various options, to take into account the potential of nuclear energy, which, according to him, should be recognized as a clean source of energy.

Earlier, Shulginov said that Russia plans to take about 20 percent of the global hydrogen market.

Meanwhile, global investment in hydrogen by 2050 may total $15 trillion. This is while a total of $131 trillion must be invested in green energy to prevent climate change.