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15 November 2023
European Hydrogen Week: what’s next for the hydrogen economy?
16 November 2023The latest research by Westwood Global Energy Group, a market research and consultancy firm, has revealed an optimistic outlook for Northwest Europe (NWE) hydrogen imports, led by targets set by the Netherlands and Belgium.
According to Westwood, the two countries have a collective potential to provide 62% of the European Union’s (EU) import target. However, a range of factors, including the countries’ ability to scale domestic production, timely development of offshore wind and infrastructure as well as the establishment of global partnerships, will be crucial to their success, Westwood noted.
The consultancy firm pointed out that 72% of the Netherlands’ 12.5 GW pipeline are green hydrogen projects, with 92% of these requiring power from offshore wind. In addition, according to Westwood’s ‘Hydrogen Project Certainty’ analysis, there is a risk in reaching domestic production targets.
Furthermore, research revealed that only 3 mtpa of the Netherlands’ announced hydrogen pipeline is “probable,” leaving the country 1 GW short of its 4 GW by 2030 target. This increases to a shortfall of 5 GW if the proposed 8 GW target for 2032 is approved, Westwood said. Thus, imports could likely be required to meet the country’s own domestic decarbonization goals before being available to wider Europe.