Saudi Arabia to build green hydrogen plant
The hydrogen market could be worth $700 billion annually by 2050
Saudi Arabia will start building a green hydrogen plant by the end of the month as part of plants to export fuel by 2026.
The kingdom is on track to sell carbon-free hydrogen from a $5 billion project called Helios in Neom - a planned city to be built in the Tabuk Province of northwestern Saudi Arabia - within four years, according to the region’s head of energy and water, Peter Terium.
Engineers have already flattened the site where the US-based Air Products & Chemicals Inc. will soon begin construction, Bloomberg News reported.
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Terium, the former CEO of Germany’s RWE AG energy firm, said there will likely be demand from companies spanning from Asia to the United States for fuel exports.
Amid a stark climate crisis, hydrogen is considered crucial for the global transition to cleaner forms of energy.
“There’s a potential competition between Europe, Japan, South Korea, and some parts of the US,” Terium told Bloomberg.
Shipments will be sold “to those who bid the highest price.”
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According to the US-based news agency, Saudi Arabia aspires to be the world’s biggest exporter of hydrogen.
When burned, the fuel only emits water vapor, making it less polluting than oil, natural gas, and oil.
While the technology for mass-producing it is still provisional, the market could be worth $700 billion annually by 2050, according to BloombergNEF.