Europe’s gas crisis could speed the transition to clean energy and the adoption of green hydrogen as a viable alternative to oil and gas, according to the International Renewable Energy Agency (Irena).
“Price volatility has been a feature of the oil and gas system,” Francesco La Camera, director-general of Irena, told the Financial Times. “Moving to the new energy system, where hydrogen plays a significant role, brings us less volatility.”
The development of green hydrogen, made from water and using renewable electricity, has become a policy priority for many countries as they prepare to cut emissions to “net zero” by 2050.
An Irena report published on Saturday forecast that the geopolitics of oil and gas, in which producer countries have the power to influence prices, would wane as new fuels including hydrogen become more dominant.
It concluded a “new cartography of energy geopolitics” and a revamped “hydrogen diplomacy”…