Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a wide range of applications and can also be used in industry and transportation.
The Russian invasion of Ukraine caused severe concerns about energy transition and energy security. Russia is a major supplier of oil and gas, and in recent weeks several large economies have come up with plans to reduce their dependence on hydrocarbons.
Last Friday, the United States and the European Commission issued a declaration on energy security announcing the formation of a joint working group on the subject. This year, the United States will “try to secure” at least 15 billion cubic meters of additional LNG to the European Union, the two parties said, adding that the share is expected to increase in the future.
Commenting on the deal, President Joe Biden said the United States and the European Union “will also work together to take concrete measures to reduce reliance on natural gas and maximize the availability and use of renewable energy.”
Governments around the world – who say they want to reduce their reliance on fossil fuels – will face a difficult path to prevent the effects of climate change while protecting energy security.
World Energy Forum in Dubai
The challenges and opportunities facing the energy sector were discussed during a roundtable discussion at the Atlantic Council’s Global Energy Forum in Dubai on Monday. During the session, moderated by CNBC’s Hadley Gamble, Eni CEO Claudio Descalzi highlighted the tensions currently affecting the sector.
Historically, Descalzi said, a variety of resources have been exploited. “We know very well that in the last 200 years all the different energy carriers have been added: coal plus oil, more gas and more renewables. We haven’t found a source or source of energy to replace everything.
It is absurd to think that there is something that can replace everything.”
hydrogen Is it the solution?
Other speakers include Anna Shpitsberg, Deputy Assistant Secretary of State for Energy Transformation at the US State Department. Spittsburgh said that while the US-European task force will focus on securing LNG supplies, it will also seek to provide “some security for US producers that will increase supplies in Europe in the longer term through 2030.” He explained that permits and infrastructure would also be areas of interest. He admitted that it was also important not to jeopardize the transmission of energy before taking up Descalzi’s argument. “We cannot rely on technology, just as we cannot rely too much on the procurement route, for this purpose We invest a lot of money in hydrogen“.
Spittsburgh described hydrogen as “a revolutionary technology that caters to a variety of other sources, because it can underlie nuclear, gas and renewable energy, and it can clean a large part of it as well as Carbon Use and Storage (CCUS). So we are making sure the market has enough signals, and it will support the environment.” Regulatory signals for current energy security.” “We are also sending all the resources we can use to the transition. This is why we are investing billions of dollars in hydrogen research and development.”
Hydrogen, a ‘versatile energy carrier’
Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a wide range of applications and can be used in sectors such as industry and transportation. It can be produced in several ways, among which is the use of electrolysis, with an electric current that splits water into oxygen and hydrogen. If the electricity used in this process comes from a renewable source – such as wind or solar energy – some refer to it as “green hydrogen” or “renewable hydrogen”. While there is enthusiasm in some circles about hydrogen’s potential, the vast majority of its generation is currently dependent on fossil fuels.
Another speaker is Majid Jaafar, CEO of Crescent Petroleum. Jafar once again endorsed the importance of gas in the coming years, calling it “a key factor for renewable energies”, as it supports their intermittent supplies, and “is also the path towards future technologies such as hydrogen”.
A panel on Monday concludes the month in which the International Energy Agency reported that in 2021 energy-related carbon dioxide emissions increased to the highest level in history: In 2021, global energy-related carbon dioxide emissions increased 6%, hitting a record high 36.3 billion tons. .
In its analysis, the world’s leading energy authority identified coal use as the main driver of growth. The International Energy Agency said coal was responsible for more than 40% of the global growth in global carbon dioxide emissions last year, reaching a record high of 15.3 billion tons. Carbon dioxide emissions from natural gas rebounded above 2019 levels to reach 7.5 billion tons, the International Energy Agency said, adding that carbon dioxide emissions from oil were 10.7 billion tons.
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