H2Tech Market Data 2024 - 21

From 2030-2050, Colombia plans to increase the
development and the deployment of green H2
export opportunities around the world.
Additional H2
to help
decarbonize hard-to-abate sectors, along with increasing
green H2
strategies, projects and initiatives in Central
and South America are detailed in TABLE 5.
Barbados
MIDDLE EAST
With abundant solar and wind energy potential, the
Middle East is keen on developing its renewable energy
generation and H2
production potential. According to the
Gulf Petrochemicals and Chemicals Association (GPCA),
the Gulf Cooperation Council's (GCC's) H2
market could
experience a compound annual growth rate (CAGR) of
15% between 2022 and 2050, resulting in potential revenues
of $120 B/yr-$200 B/yr.38
However, achieving this forecasted growth will require
significant CAPEX in renewable energy capacity, infrastructure,
electrolyzer development and installation, and
H2
deployment in various industries within the region.
According to the MENA Hydrogen Alliance's " The Potential
for Green Hydrogen in the GCC Region " report,
installing renewable and electrolysis capacities would
require $16 B/yr-$60 B/yr over the next 25 yr, with
approximately 30%-40% attributed to renewable energy
capacity-the Middle East's renewable energy capacity
reached 40 GW in 2020 and is expected to double by
the mid-2020s.39,40
Active projects. Regardless of the costs, the Middle
East is investing heavily in developing its H2
including contracts to export green and blue H2
value chain,
to demand
markets in regions such as Western Europe-the GPCA's
report " The Rise of Hydrogen: Fueling a Green Revolution "
forecasts that the GCC has the potential to export
more than 100 MMtpy of green H2
to Europe (including a
possible 2.5-MMtpy H2 pipeline running from the Middle
East through the Mediterranean Sea to Europe) and more
than 85 MMtpy of ammonia to Asian markets by 2050.
At the time of this publication, the GEI database was
tracking more than 50 active H2
Panama
Dominican Republic
French Guiana
Mexico
TABLE 5. Notable H2
Country
Argentina
initiatives, projects and strategies in Central and South America
Scope
The country's 2030 National Low-Emission Hydrogen Strategy aims for an installed domestic electrolyzer capacity
of more than 5 GW to produce 1 MMtpy of green H2
by 2030. This goal will be accomplished in part by capitalintensive
projects such as the $8-B Rio Negro green H2 project and the $6-B Tierra del Fuego renewable energy
and electrolyzer project.
The Renewstable Barbados project-which will be the country's first green H2
nation reach its goal of 100% renewable energy and carbon neutrality by 2030.
power plant-will help the island
Feasibility tests are being conducted to utilize geothermal power for green H2/ammonia production.
CEOG is developing a H2 power plant near Saint-Laurent-du-Maroni to provide clean energy to the region's power grid.
According to H2Mex, Mexico has the potential to grow its domestic H2 industry to approximately $60 B. This
includes H2 demand increasing from around 230,000 tpy in 2030 to 2.7 MMtpy in 2050. To satisfy domestic demand,
approximately 79 GW of renewable capacity and 51 GW of electrolyzer capacity will be needed by 2050.37
Several
projects have already been announced in the country by companies such as Hy2Gen and Ohmium International, as well
as renewable energy projects to feed electrolyzers for green H2
/ammonia production (e.g., Neptuno 1 and Delicias).
Due to its unique position in Central America, Panama is setting its sights on becoming a regional H2 hub.
The country's goal is to produce 500,000 tpy of green by 2030, as well as use green fuels to decarbonize marine
vessels-Panama plans to replace 5% of its marine fuels with renewable/clean H2
fuels (e.g., e-methanol, green
ammonia). The most-notable project is H2ub Verde Panama, which envisions green H2 production capacity,
storage, distribution, pipelines and other infrastructure.
Paraguay
The country updated its green H2 roadmap strategy in 2023. Paraguay is planning to significantly boost the
within that timeframe with projects such as
use of renewable energy in the country, along with the reduction of fossil fuel usage by 20% by 2030. To help
reach this goal, Paraguay is trying to develop 90,000 tpy of green H2
NeoGreen's $400-MM green H2
its 250-MW green H2 project with Itaipu Binational Technology Park.
Trinidad and Tobago Released in November 2022, The Roadmap for a Green Hydrogen Economy in Trinidad & Tobago details the country's
plan to install 57 GW of offshore wind capacity to produce approximately 4 MMtpy of green H2
publication, the $300-MM NewGen H2
. At the time of this
project was the most notable active project under development.
Uruguay
The country's Green Hydrogen Roadmap in Uruguay details Uruguay's ambition of producing approximately
1 MMtpy green H2
project) and green ammonia for fertilizer production.
and 10 GW of electrolyzer capacity within that timeframe. Uruguay's primary focus in Phase 1 is on pilot tests/
projects (e.g., H24U) and the production of green H2
for heavy transport (e.g., Ancap's $4-B green H2
East. These projects represent a total CAPEX of more than
$200 B. According to the GEI database, most projects are
in the UAE (36%), followed by Oman (34%) and Saudi
Arabia (12%). Although Saudi Arabia ranks third in active
H2
projects in the Middle East, the country represents
more than half of the total CAPEX in the region. Nearly
70% of active H2
green production pathways,
projects in the Middle
(22%). A breakdown of total active H2
share in the Middle East by country is shown in FIG. 14.
projects in the Middle East are through
followed by blue routes
project market
by 2040. To realize this goal, the country will need to install 20 GW of renewable energy capacity
directives such as methanol (e.g., Tambor project), synfuels
Oman. The country has ambitious goals of producing
approximately 1.25 MMtpy of green H2
project, and ATOME Energy's 250,000-tpy green ammonia plant at Villeta and
by 2030, increasing
production to 3.75 MMtpy by 2040 and up to 8.5
MMtpy by 2050. This initiative will cost upwards of $140
B to become a reality, according to Oman's Ministry of
Energy and Minerals' Green Hydrogen Strategy.41
A significant
portion of this CAPEX will be for the scale-up of
renewables capacity. According to Oman Vision 2040, the
country is targeting the ramp-up of renewables capacity
market share in the country's energy mix from 1% today
21
MARKET DATA 2024
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H2Tech Market Data 2024

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