The combined development of green hydrogen with offshore wind power projects
09:18 | 30/06/2021
According to a forecast of Fitch Solutions, the global hydrogen demand should grow from about 80 million tons/year in 2021 to 100 million tons/year in 2030, among that the green hydrogen can be produced around 10 million tons/year by 2030, increased from a current market share of 0.1%. The power projects using green hydrogen expected to reach 71 GW in February 2021 and increase to 121 GW, including 136 projects compared to zero projects in 2019-2020 which are in the plan and development progresses with an average investment level of $ 4.5 billion for each project.
82% of these green hydrogen projects are developed in Western Europe and Asia-Pacific due to increasingly stringent emissions regulations, the strong growth of renewable energy with low electricity prices, and “ambitious” decarbonizing targets.
According to the Energy Transition Committee (ETC) for achieving the economic targets without greenhouse gas in the middle of 21 century, the green hydrogen volume that the world would use may increase by 5 – 7 folds compared to the current amount as about 500 – 700 million tons of green hydrogen accounted 15-20% of the global final energy demand.
The Committee of Climate Change considers that the two factors strongly impacting the green hydrogen production costs are electricity cost (80%) and storage and transportation cost’
Vietnam has abundant solar and wind power potential, especially off-shore wind power (up to 475 GW). Vietnam also located on international maritime routes with many seaports. It is very comfortable conditions to attract the foreign investment for developing offshore wind power and green hydrogen projects and exporting green hydrogen to the potential markets as Japan, Korea and EU…
At present, there is the United Kingdom Group – Enterprise Energy - the only foreign enterprise that has proposed the Vietnamese Government and Ministry of Industry and Trade to permit it to develop Thang Long off-shore wind power project (Binh Thuan province) in combining with green hydrogen production.
Mr. Ian Hatton-Enterprise Energy President said: “The results of wind measuring for more than consecutive months and surveying Binh Thuan offshore seabed show that using wind turbines with large capacity for power generation and electrolyzing seawater for green hydrogen production is very prospective potential. Vietnam can use off-shore wind power for meeting domestic and export demands.