A $12 trillion “green hydrogen” boom is here.
With millions concerned about climate change, people are looking for green resources to replace current pollution-heavy processes.
One way to do just that is with green hydrogen, “which is formed through electrolysis, which uses electricity from renewable sources such as wind or solar power to split water into hydrogen and oxygen. Since the source is from renewable energy, the fuel is truly emission-free and clean, making it green,” as noted by Engineering.com.
Goldman Sachs is already calling it a “once in a lifetime opportunity,” says Barron’s. The firm also notes the addressable market could be worth up to $11.7 trillion in the next 30 years with the U.S., Asia, and Europe leading the way.
Analysts at Bank of America says green hydrogen could be worth more than $11 trillion by 2050, as well. In fact, the firm compared green hydrogen to smartphones pre-2007 and the Internet prior to the dot-com boom, as also highlighted by Barron’s.
“Hydrogen, the first, lightest, and most abundant element in the universe, could supply our energy needs, fuel our cars, heat our homes and help to fight climate change,” said Haim Israel, the bank’s head of global thematic investing research.