State oil firm OQ SAOC, Hong Kong-based InterContinental Energy Ltd. and Kuwait’s EnerTech will be partners on the development of the world’s largest green hydrogen plant
Seen as one of the key players that will drive companies to a smoother energy transition, green hydrogen is experiencing a global resurgence and has been identified as the clean energy source that could help bring the world to net-zero emissions in the coming decades.
The fuel alternative, generated with clean energy, is forecast to fill 15% to 20% of the world’s energy needs that will not be easily met with battery, wind or solar power, Gregory Nemet, professor of public affairs at the University of Wisconsin’s Energy Institute, told ABC News.
Oman said it plans to build one of the world’s largest green hydrogen plants, as Middle Eastern states step up efforts to produce a fuel seen as crucial to the clean energy transition.
State oil firm OQ SAOC, Hong Kong-based InterContinental Energy Ltd. and Kuwait’s EnerTech will be partners on the project, which will eventually be powered by 25,000 megawatts of wind and solar energy, according to OQ.
While no funding has been sourced yet and a final investment decision is not expected until 2026, the megaproject is expected to cost around $30 billion, Alicia Eastman, co-founder and president of InterContinental Energy, said in an interview.
While the market for green hydrogen might seem small today, its growth is expected to be worth $700 billion annually by 2050, according to BloombergNEF estimates. Saudi Arabia and the United Arab Emirates are among the other countries in the region with green hydrogen ambitions.
