EDP has a new strategic target for renewable hydrogen and predicts it will invest in projects that guarantee a further 1.5 GW of capacity by 2030. With this objective – assumed on Tuesday 9 November 2021 during COP26, the United Nations Climate Conference in Glasgow, Scotland – EDP becomes one of the 28 large companies that assume the H2Zero commitment of the WBCSD (World Business Council for Sustainable Development) in order to accelerate the development of renewable hydrogen on a global scale.
It is an important reinforcement of the company’s ambition, for which the current presence in strategic markets (such as the Iberian Peninsula, the US or Brazil) and in regions where there is a favourable context for the development of hydrogen projects will be decisive – such is the case of locations with good solar and wind resources, support infrastructure, proximity to industrial customers and favourable regulatory environment, among other conditions. The newly announced ambition reinforces the goals of EDP's Strategic Plan, which already envisaged investing in 250 MW of hydrogen electrolysers capacity by 2025.
Maintaining the goal of abandoning coal production by 2025 and being all green by 2030, EDP believes that these steps are decisive in an energy transition process that urgently needs to be accelerated.
The investment plan will involve the conversion of old coal-fired power stations into hydrogen centres, as well as the investment in new production units. With this investment reinforcement, EDP hopes to contribute to a greater and faster decarbonisation of the economy, especially in sectors where the electrification process is more difficult. A process that, as the WBCSD reinforces, requires unprecedented collaboration between the public and private sectors and the definition of clear and stable regulatory policies.
Jointly, the targets of companies that subscribe to the H2Zero commitment equal 25% of the decarbonisation potential provided by hydrogen by the end of the decade, according to estimates by the Hydrogen Council. EDP is one of these 28 companies (among which are other energy companies such as Iberdrola, Enel, Engie, Shell and Total) whose contribution will be decisive for the decarbonisation of the economy, one of the key themes on the agenda of the COP26. Hydrogen was, in fact, one of the topics that was debated on Tuesday 9 November 2021, the day dedicated to industry, with the participation of Miguel Setas, Executive Board Member of the EDP group, in the conference ‘The Roadmap to Net-Zero with Hydrogen’.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
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Read the article online at: https://www.energyglobal.com/other-renewables/10112021/edp-to-invest-in-15-gw-of-renewable-hydrogen-by-2030/
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