Hydrogen will play a significant part in reducing carbon emissions as it emerges as a sustainable solution, a new report from DLA Piper has found.
The global law firm recently launched its second report on what DLA Piper has called the “hydrogen revolution”, analysing new developments in the Asia Pacific region and exploring how hydrogen can be used as an energy source.
The Hydrogen Revolution in Asia Pacific report delves into the scale, scope and diversity of potential in the Asia-Pacific region by examining the approach and ambitions of Australia, Japan, The Republic of Korea, China, India, and New Zealand for their hydrogen future.
As stated in the report, “major industrial nations must look to a range of options to reduce their carbon emissions and meet their various environmental targets.
“Of the many emerging solutions, hydrogen will have a significant part to play in our sustainable future as an efficient and clean energy carrier that can be utilised in new applications but also integrated into existing industrial processes in place of fossil fuels.”
While the use of hydrogen as an energy supply is not a new concept, demand has grown significantly and consistently since 1975; something which the report revealed will only continue.
“Hydrogen is already having, and will continue to have, a significant impact in the Asia-Pacific (APAC) region – the opportunity is already being embraced by Australia, Japan, and the Republic of Korea in particular. Hydrogen offers the APAC region a practical option to reduce carbon emissions and fossil fuel dependency,” the report stated.
Alex Jones, global co-chair of DLA Piper’s energy and natural resources sector, said that the increasing demand coupled with improved technology to generate clean (or cleaner) hydrogen than traditional, higher emission methods, decreasing production costs and the broader prioritisation being given to decarbonisation create a “perfect storm”.
“Current market dynamics give rise to a perfect storm, offering incredible opportunities across a range of sectors – particularly energy-intensive, high-emission industries – and geographies for energy players and investors,” he said.
“Hydrogen is the most abundant element in the universe and is already having a significant impact in the Asia-Pacific region. The opportunity is already being embraced by Australia, Japan, and The Republic of Korea in particular, which offers the region a practical option to reduce carbon emissions and fossil fuel dependency.”