‘The Middle East intends to invest $44 billion in hydrogen’
‘The Middle East intends to invest $44 billion in hydrogen’ : The total investment in planned hydrogen projects in the Middle East is estimated to be $44 billion (£32.9 billion), with $35 billion (£26 billion) invested in projects that will be operational by 2030.
According to new data from S&P Global Platts Analytics, which has announced the launch of daily cost of production prices for hydrogen in Saudi Arabia, Oman, Qatar, and the United Arab Emirates.
According to the study, steam methane reforming (SMR) with carbon capture, which involves heating methane from natural gas to produce a mixture of carbon monoxide and hydrogen — with the carbon captured in this case — is cheaper in the UAE and Saudi Arabia than in Australia or the Netherlands.
However, SMR is not considered the way of the future because it is not clean and emits greenhouse gases (GHG) into the atmosphere during production.
Electrolysis, which uses electricity to split water into hydrogen and oxygen, is thought to be a more promising method of producing clean hydrogen.
However, Australia is ranked as the most cost-effective country in this category, according to the report.
The Middle East, on the other hand, is seen as becoming essential to the hydrogen economy and transitioning from its global reputation as an oil hub to a hydrogen hub, according to the report.
‘The Middle East intends to invest $44 billion in hydrogen’: