A $600 million investment into Canada's hydrogen export industry had us thinking… just how much money is flowing into this new clean source of energy?
Driving the news: A plan to get Canadian hydrogen flowing into Europe by 2025 is on track after a fresh round of funding by the Canadian and German governments. The two countries established a hydrogen alliance in 2022 and have been pushing the plan forward ever since.
- According to a report into the Hydrogen Strategy for Canada, ~80 clean hydrogen production projects have been announced, representing interests over $100 billion.
- Alberta, the country’s largest hydrogen producer, also committed $57 million towards developing hydrogen power, including research into fuelling transport and heating.
Why it matters: Global support for clean hydrogen as a reliable and sustainable energy source is growing. Japan was the first to create a hydrogen strategy in 2017, but countries like the U.S., China, Australia, Italy, South Korea, and India have followed closely behind.
By the numbers: The market for clean hydrogen is expected to pass the value of the liquid natural gas trade by 2030 and grow to an estimated US$1.4 trillion per year by 2050.—SB