Gulf states’ quest to find ‘new oil’ turns to hydrogen
Unrivaled expertise in the energy industry and a growing global market for hydrogen is pushing Gulf oil exporters to invest in the global realignment toward cleaner energies.
Electricity is poised to become the lifeblood of the global economy in the energy transition era, underlining the crucial importance of electricity storage. “Electricity could not be transported over long distances, whereas now, and this is a completely new point, hydrogen, produced from electricity, can be stored and exported,” said Gerard Mestrallet, honorary chairman of French energy group ENGIE and waste and water management firm SUEZ.
Green hydrogen, a climate-friendly energy carrier obtained by splitting water molecules using electrolysis powered by renewables, is emerging as a clean fuel of the future to power transportation and energy-intensive industries such as steel manufacturing.
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