H2Tech Market Data 2023 - 35

H2
POLICIES
POLICIES, REGULATORY
NETWORKS AND INCENTIVES
FOR HYDROGEN
Global commitment to decarbonization. Driven by
accelerated climate ambitions, hydrogen (H2
) is accelerating
its deployment as a key energy transition pillar as
the global commitment to decarbonization intensifies. The
U.S.'s re-entry into the Paris Agreement reinstated its target
to achieve 50% lower emissions by 2030 and net-zero
emissions by 2050, aligned with the European Union's
(EU's) ambition. The EU's stricter carbon dioxide (CO2
)
targets for 2030 have supported the increase of carbon
prices to $55/t CO2
, and the UK government has committed
to signing the world's most ambitious climate change
target into law: cutting 1990 emissions levels by 78% by
2035. These developments, alongside the announcement
of energy transition and climate commitments announced
by several other nations, have reemphasized the need for
clean technologies and have positioned H2
as the critical
and key pathway to net-zero.
At COP26, 32 nations and the EU reached a consensus
to collaborate to ensure " affordable renewable and
low-carbon H2
economy globally
continue to evolve and take shape even today. Policy and
regulatory networks are key to the buildout of the H2
economy and the success of clean H2
is globally available by 2030. " However,
the enabling measures and roadmap that must be implemented
to build and grow the green H2
in achieving climate
goals. In addition, the International Energy Agency (IEA)
has shown that clean H2
cannot become affordable without
policy support.
Promoting H2
clean H2
uptake across various applications, while
is yet to become cost-competitive, requires an
integrated policy approach. Over the past few years,
many governments and major global economies have
ascertained their position and ambitions regarding H2
as a
part of their future energy portfolio and have announced
dedicated energy and H2
include timelines for adopting H2
lines for the adoption and deployment of low-carbon
H2
strategies differ in scope (with
policies. Many of these strategies
technologies, guidegeneration
technologies, demand creation strategies,
investment incentives, regulatory mandates and business
model support. National H2
H2Tech Market Data 2023

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