1Assistant Professor, NTPC School of Business, Noida
2Professor, School of Commerce, Jain (Deemed-to-be University), Bengaluru
Online Published on 11 June, 2024.
Hydrogen is a versatile fuel that has the potential to play a significant role in the global energy system. However, addressing several challenges is necessary before industry will widely deploy hydrogen fuel. This paper provides a comprehensive overview of the potential for hydrogen, outlines the challenges that require attention in future studies, and offers recommendations for governments and industry. The paper begins by discussing challenges and opportunities for hydrogen production, including the cost of hydrogen production, the lack of infrastructure for hydrogen distribution, and the safety concerns associated with hydrogen. The paper then discusses the potential applications for hydrogen, arguing that various commercial segments can use hydrogen in a wide range of applications, including transportation, power generation, and industrial processes. In this context, the Government of India’s National Green Hydrogen Mission is highlighted as a key initiative. This mission aims to promote the development and adoption of green hydrogen with a focus on localized production in key energy and industrial corridors. This localized approach is crucial for enhancing energy security, reducing transportation costs, and stimulating regional economic development. The paper finds that governments and industry must work together to address the challenges facing the hydrogen economy. By working together, they can accelerate the development of a global hydrogen economy and help mitigate climate change. It highlights the challenges and opportunities associated with integrating hydrogen into industrial processes to drive renewable energy growth. The document emphasizes the importance of understanding the environmental implications, technological challenges, and policy considerations surrounding hydrogen utilization.
Carbon-emission, Clean-energy, Hydrogen-Fuel, Industrial fuel, Renewable energy, Sustainable energy