2023-10-17 15:13:32
Stopping climate change and limiting the global temperature increase to 1.5ºC by 2050 with hydrogen and carbon storage would require an investment of 13 billion euros, according to a report by Boston Consulting Group.
The document ‘Breaking the Finance Barrier for Hydrogen and Carbon Capture’ places the private investment needed globally at that amount and at 1.2 billion euros in Europe and emphasizes that commercial banks are “key” in the process because they represent an “opportunity.” » to create a competitive advantage.
The report defines hydrogen and carbon capture and storage technologies as “essential solutions” for difficult-to-decarbonize sectors such as heat-intensive industries (e.g. steel, cement or glass production), fertilizer manufacturing, or transportation; Banks and other credit institutions have not yet mobilized the necessary financing tools for them to expand at the necessary speed.
One of the first steps in decarbonization using green hydrogen has been taken by Toyota together with the energy company Repsol, which has installed a 2.5 megawatt (MW) electrolyzer in its Petronor refinery in Bilbao, the investment of which has amounted to 11 million euros. Specifically, this electrolyzer gives the group the capacity to generate 350 tons of green hydrogen per year, for industrial use, mainly in the refinery, as raw material to manufacture products with a lower carbon footprint.
Next year Petronor will be able to refuel its new 2nd Generation Toyota Mirai that it will acquire through Alba Emission Free Energy, the subsidiary company that will bring together all decarbonization and energy transition initiatives; Its areas of action are renewable hydrogen, synthetic fuels, distributed generation, sustainable mobility, and the circular economy.
This green hydrogen will also be used for mobility in the logistics platform located in the technology park, for the Living Lab of hydrogen technologies and as a source of energy for the Energy Intelligence Center (EIC) building. Thus, it will allow fuel production to be decarbonized in the refinery itself and supply the Abanto-Zierbena Technology Park, which becomes the first of its kind in Europe with a continuous supply of renewable hydrogen.
The launch of this electrolyzer represents the first stone on Repsol’s path to take a prominent position on the board in the battle for green hydrogen in Spain, where the rest of the large companies in the sector are also positioning themselves strongly.
Thus, this project will promote the Basque Hydrogen Corridor (BH2C), the initiative promoted by Petronor and Repsol that seeks to accelerate the economic reputation of the Basque Country and Spain as a whole, while advancing decarbonization and promoting strategic sectors. such as mobility, in which Toyota is a pioneer with the development of the first fuel cell vehicle.
This consortium brings together more than 80 companies, institutions and research centers that participate in different projects and plan to mobilize more than 1.4 billion euros to position the region as an international benchmark in renewable hydrogen.
But this project is nothing more than the first step to promote this strategic commitment, since Petronor will launch a 10 MW electrolyzer in the coming years, whose ‘green’ hydrogen will supply one of the world’s largest net zero emissions synthetic fuel plants, and a third ‘megaelectrolyzer’, in this case of 100 MW, to address Petronor’s decarbonization process and feed the needs of the Basque Hydrogen Corridor.
Within this strategy to be a main player in renewable hydrogen, the group led by Josu Jon Imaz also plans an additional electrolyzer in the Cartagena Industrial Complex with a capacity of 100 MW, within the framework of the Region’s Green Hydrogen Platform from Murcia around the Escombreras Valley; as well as in Tarragona, 150 MW. Likewise, it will also install electrolyzers in its plants in Puertollano and A Coruña, in both cases with a capacity of 30 MW.
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