The GCC is poised to play a key role in the world’s much anticipated future hydrogen market, with the UAE, Saudi Arabia and Oman looking to become leaders in the export of clean fuel, which will help drive the evolution of the region’s energy sector, according to a new report by the World Future Energy Summit.
Coming a week ahead of the World Future Energy Summit – the leading business event for future energy and sustainability which runs at Abu Dhabi National Exhibition Centre from January 16-18 – the report, commissioned from business consultancy Frost & Sullivan, paints a picture of huge opportunity for the region.
The report highlights that with GCC countries seeking to achieve energy sustainability through a combination of renewable energy integration, energy-efficiency implementations and hydrogen production and transport, the region’s energy sector is set for wide-scale evolution.
The report says: “GCC countries, especially the UAE, Saudi Arabia and Oman, are working on national strategies aimed at developing the hydrogen market in the region and positioning themselves as future hydrogen exporters.”
GCC countries currently use large quantities of natural gas-based grey hydrogen, and the availability of low-cost natural gas coupled with the ease of carbon capture, utilisation and storage allows for the cost-competitive production of blue hydrogen though the GCC has several competitive advantages to play a key role in the global green hydrogen economy. These advantages include solar and wind resources, financial capabilities, and export potential.
The report recommends the region acts quickly to leverage a first-mover advantage and commit investments to achieve future cost competitiveness in the wake of rising competition from regions in North Africa, Europe, and Australia.
The report comes ahead of the World Future Energy Summit 2023, which will have a strong focus on the sector’s potential through the new Green Hydrogen Innovation Hub, catering to start-ups and SMEs. Embracing the upward momentum, the World Future Energy Summit will also be producing three dedicated podcasts on the topic as the first in a series centred around renewable energy, sustainability, and climate change.
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