HSBC Global Viewpoint
The Macro Brief – The hype around hydrogen
Nov 3, 2023
The podcast explores the US's aim to develop a clean hydrogen economy, highlighting the distinctions between gray, green, and blue hydrogen. It discusses the differences in hydrogen regulations and support between the US and Europe and mentions potential government funding in the US. The podcast also explores funding and production targets for clean hydrogen and its potential adoption in large-scale industries. Additionally, it discusses hydrogen's role as a fuel for electric vehicles, particularly focusing on progress in California.
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Quick takeaways
- The US is willing to qualify blue hydrogen made from natural gas with carbon dioxide sequestration as clean, while in Europe, only renewable sources of clean hydrogen are supported.
- The US government has approved laws and funding to support the development of a hydrogen economy, with a focus on decarbonizing industrial sectors.
Deep dives
Clean hydrogen as a solution for a net zero economy
Clean hydrogen, produced from renewable sources such as solar and wind, is being explored as a key solution in the transition to a net zero economy. The US, aiming to shift from grey hydrogen produced from sources like coal, is taking an agnostic view and willing to qualify blue hydrogen made from natural gas with carbon dioxide sequestration as clean. However, the US definition differs from Europe, where there are timelines in place for supporting only renewable sources of clean hydrogen. To support hydrogen projects, the US government plans to unlock $8 billion in federal stimulus over the next three years.
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