Europe¡¯s push to wean itself off Russian natural gas is sparking billions of dollars in new commitments toward building a market for low-carbon hydrogen.
A nearly 450% jump in European gas prices the past year made the green fuel of the future cost-competitive about a decade ahead of schedule, according to BloombergNEF. Now, investment funds are joining governments and utilities in ambitious plans to make hydrogen a viable substitute for fossil fuels in manufacturing, transportation and heating.
¡°It¡¯s kind of a tipping point,¡± said Phil Caldwell, chief executive officer at Ceres Power Holdings PLC, a U.K.-based hydrogen technology company. ¡°You¡¯re going to see that capital coming in on a big scale now. There¡¯s no turning back.¡±
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.