Hyundai EVP outlines strategy, next steps for transitioning away from fossil fuels
As a first step, Chung recommended achieving cost reductions through technological innovation in all sectors of the hydrogen industry. From production to storage, distribution, and application, Chung says that new creative ways of lowering the cost of hydrogen need to be discovered and implemented.
In his speech, Chung also said that there needs to be a comprehensive safety management system throughout the entire hydrogen value chain in order to convince the general public that hydrogen is completely reliable in terms of safety.
Because of the lack of harmful emissions from vehicle tailpipes when they're fueled by hydrogen, the tradition has health benefits for humans and Mother Earth. Chung's speech underlined the need for governments and policymakers to advocate the inclusive benefits of hydrogen and promote the vision of a hydrogen society and the opportunities it will create. This statement is in line with the priorities of the Hydrogen Council.
The Hydrogen Council and Chung recognize that hydrogen adaption may require government and policy intervention. Additionally, billions of dollars in investment are necessary. The Council suggests that this may be as much as $70 billion.
"A clean energy future with hydrogen is closer than we think, because the industry has been working hard on addressing remaining challenges. This report shows what remains to be done and defines a clear path forward," said Benoit Potier, chairman and CEO of Air Liquide and co-chair of the Hydrogen Council. "2020 marks the beginning of a new era for energy: As the potential for hydrogen to become part of our global energy system becomes a reality, we can expect fewer emissions and improved security and flexibility. This announces the decade of hydrogen."
"The Hydrogen Council hopes that the report's findings will not only increase public awareness about the potential of hydrogen to power everyday lives, but also debunk the myth that a hydrogen economy is unattainable due to cost," Chung said. "If we are to reach our global climate goals by mid-century and reap the benefits of hydrogen, now is the time to act."