1900

Economic Impact Assessment: Hydrogen is ready to power the UK’s Green Recovery

Abstract

Hydrogen solutions have a critical role to play in the UK, not only in helping the nation meet its net-zero target, but in creating the economic growth and jobs that will kickstart the green recovery.

The Government must act now to ensure that the UK capitalises on the opportunity presented by hydrogen and builds a world-leading industry.
COVID-19 has caused significant economic upheaval across the country, with unemployment expected to reach up to 14.8 per cent by the end of 20201. The UK must identify those areas of the economy which have significant economic growth potential and can deliver long-term and sustainable increases in GVA and jobs. It will be important to consider regional factors and ensure that investment is targeted in those areas that have been hardest hit by the crisis.

Many major economies have identified hydrogen as a key part of both decarbonisation and economic recovery. As part of its stimulus package, Germany announced a €9billion investment in green hydrogen solutions, aiming to deploy 5GW by 2030. The Hydrogen Council estimates a future hydrogen and equipment market worth $2.5 trillion globally by 2050, supporting 30 million new jobs.

Hydrogen offers the UK a pathway to deep, cost-effective decarbonisation while delivering economic growth and job creation. It should therefore be at the heart of the Government’s green recovery programme, ensuring that the UK builds back better and greener.

You can download the whole document from the Hydrogen Taskforce website at the following links


Related subjects: Policy & Socio-Economics
Countries: United Kingdom
Loading

Article metrics loading...

/content/policypaper1206
2020-08-12
2021-09-22
http://instance.metastore.ingenta.com/content/policypaper1206
Loading
This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error