Gulf state wants to capture a quarter of global market share for alternative fuel
The United Arab Emirates is positioning itself to be a global leader in the emerging hydrogen market as countries seek opportunities to transition from traditional fuel sources, Abu Dhabi’s English-language daily The National reports.
The Gulf state aims to capture about a 25 percent share of the global hydrogen market, according to UAE Minister of Energy and Infrastructure Suhail Al Mazrouei.
The minister added that the UAE is in discussions with many countries on exporting the zero-carbon fuel burned with oxygen
During a panel discussion at Abu Dhabi Sustainability Week, Sergio Lopez, energy policy specialist at the Abu Dhabi Department of Energy, said that the UAE has a strategic geographic advantage as a bridge between Europe and Asia, citing potential hydrogen customers, including Japan, South Korea and China.
“The region will benefit from investing in hydrogen not only from the economic point of view but also from the environmental point of view,” Lopez said.
According to a recent report published by the International Renewable Energy Agency, the hydrogen market already exceeds that of liquefied natural gas, with annual sales valued at about $174 billion. That number could grow to $600 billion by 2050.
The UAE’s hydrogen ambitions align with its goal of becoming carbon-neutral by 2050.