Hydrogen in the Renewable Energy Sector

Topic: Economics
Words: 5809 Pages: 36

Abstract

  • Purpose: This project examines the existing dynamic between the involvement in sustainability issues and the perception of the role of hydrogen in the modern renewable energy sector among business students. It summarizes the existing research on the economies and diseconomies of hydrogen production, its precise use in the renewable energy industry, and the way it contributes to corporate sustainability policies to provide sufficient context. It then conducts a quantitative study among the qualified respondents to determine their opinions on hydrogen’s advantages, drawbacks and full potential.
  • Design/methodology/approach: A quantitative structured survey was designed and delivered to the participants online. An organization can do survey research by asking many survey questions, collecting data from a pool of consumers, and analyzing the data to create numerical findings. It is the initial phase in every research project’s data collection.
  • Findings: Positive correlation was established between the participants’ involvement with sustainability-related topics and their positive expectations from the role of hydrogen. Although not strong, it was consistent and easily observable throughout the research results.
  • Research Limitations: Time frame and populational availability were the biggest limitations for the study in question. Potentially, the students without internet access can be excluded from participation as well.
  • Practical Implications: Green hydrogen is utilized as a fuel or a fuel component in power ecosystems, transportation, and intermediate industry workings with the goal of reducing carbon emissions at their source.
  • Keywords: hydrogen, sustainability, green, production, energy, renewable, sources

Introduction

From its first introduction back in the XIX century to being a crucial component of modern refining, hydrogen and the energy sector have long been interwoven in economic practice. It’s light, storable, and energy-dense, with no direct pollution or greenhouse gas emissions. However, in order for hydrogen to fully contribute to the environmental transformation, it must be fully incorporated into the sectors that would benefit from it the most. The need for finding an overlap between the interests of the different stakeholders involved is now as prominent as ever. And yet, just as many other resource-intensive initiatives, hydrogen production is associated with a variety of costs and risks, making its reception somewhat contradictory. Different perspectives may exist with regard to the potential of hydrogen and its future in the renewable energy sector, with opposing parties debating whether the product is worth the costs.

One after the other, integrated energy systems (IESs) using fossil fuel combustion for power production, waste heat gradient use, and CO2 capture and storage is being developed. A large portion of them is quite relevant to today’s business environment, as more and more businesses strive to go green. CO2 emissions have not decreased much as global economic aggregates have risen and global temperatures have continued to rise, despite efforts to enhance energy conversion efficiency and cut carbon emissions. Despite the fact that wind, solar, ocean, nuclear, and other clean energy technologies are well-established, their uses are frequently constrained by national infrastructure. For example, the northwest of China has enormous wind and solar energy resources, but its electricity demand is much lower than in the east. Therefore wind and solar energy are largely abandoned.

Simultaneously, in the region, chemical plants (CPs) such as methanol and ammonia salt require a lot of fossil energy to create hydrogen. Areas with abundant renewable energy sources utilize more fossil fuels, which is an unusual phenomenon. At the moment, hydrogen is a raw material used by a number of renewable energy-related companies. The global need for pure hydrogen has increased substantially in recent years. However, because fossil fuels like natural gas, oil, and coal are currently the cheapest source of hydrogen, they are mostly used to satisfy current demand. The hydrogen itself costs between one and three dollars per kilogram, making it an appealing material to invest in. Hydrogen has been proposed as a viable energy carrier to help with the widespread adoption of low-carbon, mostly renewable energy. Various waves of enthusiasm have backed the idea of low-cost clean hydrogen as a viable alternative to fossil fuels, with a concentration on transportation fuel cell applications.

This study examines the present level of hydrogen use in the renewable energy sector, as well as the problems it faces in light of rising climate change awareness. According to the author of this research, the relevance of hydrogen generation for the renewable energy industry should be evident to actively involved business students. One suggests there might be a correlation between a student’s level of enthusiastic participation in their degree program and their enthusiasm for hydrogen’s future in the industry. The author believes that a basic comprehension of modern business will be sufficient for emotionally invested pupils to see the possibilities. Several indicators, such as academic grades, thematically relevant extracurriculars, and a number of internship applications, are used to determine the level of emotional connection with one’s course. Among the extracurricular projects, those dedicated to sustainability and renewable energy, in particular, will be prioritized if given a chance.

Literature Review

Existing Research Analysis

The articles reviewed for the purposes of the research were published within the last 5 years, with the increasing number of business publications dedicated to sustainability-related issues. The Role of Green and Blue Hydrogen in the Energy Transition—A Technological and Geopolitical Perspective provides an analysis of the place hydrogen holds in the modern renewable energy field. The discussion is centered on the reasons behind the increasing public and corporate interest in hydrogen in recent years due to its potential contribution to the full commitment to green energy. The article examines both the advantages and the drawbacks of today’s hydrogen production, the latter focusing on the supply chain complexity, as well as the potential for contamination throughout the manufacturing process. When discussing the technicalities and the economic details of hydrogen production, the article prioritizes the discussion in relation to the two most common kinds of hydrogen: blue and green.

The green hydrogen production pathway combines renewable energy generation with water electrolysis as a primary method of production. When electricity and clean water are fed into an electrolyzer, hydrogen and oxygen are produced. A multitude of methods can be used to electrolyze water. The demonstration phase of proton exchange membrane (PEM) technology is underway. Blue hydrogen is based on the idea that existing techniques for generating hydrogen from fossil fuels may be coupled with CCS technology to cut GHG emissions significantly. This technology is overall less financially expensive but may result in greater difficulties both logistically and from the perspective of public image and social acceptance.

The article’s current industrial solutions address the electrolyzer’s recommended efficiency-related improvements. Reduced output pressure and an overall improvement in the quality of supplies for the water electrolyzer have the potential to enhance hydrogen quality while decreasing possible environmental impact. Additionally, businesses would have to deal with the water consumption issue that this material brings. Deionization of the input water is required, which requires additional resources, and the need is between 10 and 15 liters per hydrogen kilogram (Noussan et al., 2020). Saltwater desalination or wastewater recovery is a feasible solution in the absence of a fresh water supply. Water supply in non-maritime locations may become a major concern in many parts of the world, especially if the effects of climate change continue to increase. Therefore, a variety of desalination techniques are already utilized heavily within the commercial sector, and the number continues to increase. These considerations combined lead to consistently high barriers to entry into the hydrogen production sector, and hence companies are forced to seriously consider financial risks before undertaking this opportunity.

The article examines the whole hydrogen supply chain, including the material’s a transportation and storage requirements, as well as its prices. When assessing the supply chain’s long-term viability, both ecologically and economically, hydrogen transportation is a key factor to consider. To compress or liquefy it, or convert it to easier-to-handle molecules like ammonia or other liquid organic hydrogen carriers, the procedure might take a lot of energy (LOHC). Another option is to mix hydrogen into existing natural gas networks; however, research on this topic is still in its early stages. It is important to specify with these uncertainties in mind it is difficult to account for the scope of variations on the subject, as they are likely to depend on the technical specifics of each individual case.

The second article reviewed for this research discusses the business aspects of hydrogen production and distribution, alongside the most viable sales models one might potentially expect. The business model and planning approach for hydrogen energy systems at three application scenarios demonstrates that the study of business models and HES optimization has attracted the attention of scholars in the relevant field. Sustainability has proven to be a financially beneficial path for modern firms that often provides them with an additional competitive advantage and thus the business potential of hydrogen is a subject for detailed analysis. This article investigates the energy supply and hydrogen load characteristics of a unified energy system, which is in turn discussed as one of the most financially effective approaches to hydrogen production. In the industrial, transportation, and power sectors, a number of business models for HESs are presented. The revenue functions of the optimization model indicate the optimization model’s objectives, and the choice of the business model becomes a multi-objective optimization problem.

On the basis of their raw efficiency and related costs, the study goes on to examine existing financial and management models with respect to hydrogen. Empirical methodologies and graphical data visualization are used to back up the findings. Chemical plant businesses and power supply companies are the two primary alternatives in the current commercial environment. According to the first model, a CP owns and runs hydrogen production, and subsequently buys energy from a PSC to produce hydrogen (Zhang et al., 2021). Later on, the PSC generates money by selling electricity, while the CP profits from the price difference between the non-renewable energy sources.

An alternative model suggests the PSC owns and manages the manufacturing process, and CP arbitrarily purchases green hydrogen from the PSC, which the PSC then sells for profit. The two collaborative units are therefore sharing the investment costs and managing the operational landscape depending on their emerging needs and areas of focus. The CP buys green hydrogen from the PSC for arbitrage, while the PSC profitably sells hydrogen to the CP (Zhang et al., 2021). Finally, in the fourth model, the CP and the PSC invest equally in hydrogen, with the CP paying for its operation. The CP purchases electricity from the PSC in order to produce hydrogen, while the PSC generates revenue by selling electricity.

In summary, the articles reviewed provide a solid overview of the two key perspectives on hydrogen production and distribution within the modern business landscape. First article provides a general summary of hydrogen as a renewable energy source, briefly examining its chemical components and discussing the production methods and techniques. Factors such as the risk of contamination and geopolitical specificities of worldwide implementation are discussed and the two main models of production are compared against each other within sustainability metrics. Meanwhile, the second article focuses heavily on the financial and commercial aspect of financing the relevant operations and distributing the finalized product to future customers. In conjunction, these sources provide a necessary grounded context for the findings and interpretations of the respondents’ opinions on hydrogen and its role in the renewable energy sector.

Problem Statement

This proposal’s issue statement is concerned with the contemporary relevance of hydrogen and its generation within the global business community, particularly for those working in production-heavy industries. Hydrogen is a chemical element with unique chemical properties, including a high gravimetric energy density (MJ/kg) and the capacity to be stored in a variety of forms. Hydrogen might be a viable option for decarbonizing “hard-to-abate” end-use applications and industries that require heavy capital investments and involve high energy costs. Industries such as the production and transportation of energy, construction, and hard manufacturing account for the majority of anthropogenic greenhouse gas (GHG) emissions. As a somewhat dominant renewable energy source, hydrogen has various paths for lowering GHG emissions in these industries. If generated, stored, and transported safely, it may reduce GHG emissions by almost 50 percent.

These characteristics explain why businesses are interested in hydrogen as a transmission medium for renewable energy. The topic’s importance is enhanced by the investment and employment possibilities that this rapidly growing sub-sector offers. New hydrogen generation methods are being developed in large numbers, with brown technology being the most mature and well-established. The major aim of RD&D efforts to reduce LCOH for electrolyzers are to lower capital costs and extend the lifespan of the system, including cell and stack subcomponents. Furthermore, thinner and more stable membranes, as well as a reduction in platinum group metal catalyst loading, lower rates of titanium involvement and effective operational planning, secure hydrogen’s innovative role within the field.

New hydrogen-generating technologies are being developed in a number of approaches, the most common of which is brown technology. The major aim of RD&D efforts to reduce LCOH for electrolyzers is to decrease the costs and minimize the ongoing expenses, including cell and stack subcomponents. Lower platinum group metal catalyst loading, thinner and more stable membranes, less titanium usage, and enhanced operating setpoints with novel low-cost designs are all major proton exchange membrane innovation themes.

The pricing of hydrogen continues to remain the key relevant concern associated with the topical solution. It can be reduced if the emissions themselves are limited by a regulatory norm. Half of the ammonia used now, for example, is used to make fertilizer. However, if an emission standard for low-carbon ammonia it implemented, people would start utilizing low-carbon hydrogen to create ammonia, which at the moment is not a popular option due to higher costs. If the number of emissions allowed for a firm is limited, the attractiveness of green alternatives increases, regardless of the start-up costs. And yet like with any other potential legal intervention, one might not suggest or speculate on the matters of its introduction and thus cannot be considered as a part of the current research landscape.

Given these developments in the renewable energy sector, as well as the general complexity of the hydrogen supply chain, it is clear that the manufacturing process must be improved. This study will aim to gather and evaluate the target demographic’s views on climate change, renewable energy (both within and outside of the business), and hydrogen generation. Its primary distinction from the current literature is that it takes a summarizing, overarching general approach to the study issue at hand, allowing the author to create an illustrative perspective on the situation.

Large-scale hydrogen generation, which can serve a variety of applications while maximizing load factor, is essential for competitiveness. Carbon abatement costs vary dramatically depending on the business case. Hydrogen value chain companies are increasingly cooperating with a wide range of other industries to extract value, which bodes well for innovation. At this stage of development, however, hydrogen-based business models and application cases will require governmental help. Since the resulting overview of hydrogen-associated benefits and drawbacks looks contradictory, it is all the more interesting to find out the opinions of students with sustainability- or business—related backgrounds.

Research Question

The research question suggested is, naturally, supported by the literature review and based on the research topic. The question asks: is there any coloration between enhancing the level of students’ awareness regarding sustainability and their willingness to implement hydrogen as a sustainable source of future energy? The existing body of research has provided the author with the necessary context on the complications and risks companies may encounter when investing into hydrogen production and distribution. As specified above, the process of hydrogen production is tricky and costly, requiring extra damage control if any relevant environmental precautions are breached at any point.

However, the articles reviewed also demonstrated the outstanding benefits of hydrogen use in the modern business environment. Primary data collection, therefore, should aim to examine the dynamic between the degree of students’ involvement with sustainability politics and their opinion on the role of hydrogen in the modern business world. From the financial point of view, measures can be implemented to reduce the levels of investment that hydrogen production requires from the firms. Price supports for hydrogen, such as an investment tax credit or a production tax credit, similar to those created for wind and solar, might aid in driving down the production and distribution costs. As with any initiative in the area of corporate finance on the level of government intervention, these propositions are not to be considered as a part of the already existing data pool. Nevertheless, one has to emphasize the viability of the options outlined and the benefits they might have for the production and distribution of hydrogen.

Rationale

Ultimately, the need for research on hydrogen production, alongside the associated benefits and risks, stems from the fact that for many firms around the world non-renewable sources of fuel are no longer sustainable. Up until recently, the industrial and post-industrial economy was close to totally dependent on electricity and oil to facilitate the operations involved in the production of goods and delivery of services. However, as the threat of climate change continues to become more and more present, it is now evident that the economy can no longer rely solely on non-renewable sources of energy. Living, creating, and consuming in a way that. fulfills current needs without jeopardizing future generations’ capacity to satisfy their own might be roughly described as sustainable development. Major worldwide issues such as air pollution, freshwater pollution, coastal pollution, deforestation, biodiversity loss, and global climate degradation are progressively dominating energy development. To avoid catastrophic global repercussions, it will become more difficult to participate in large-scale energy-related activities without ensuring their long-term viability, especially in developing nations where energy growth is seen as a priority.

Globally, there has been a sharp decline in fossil fuel reserves during the previous few decades. Alternatively, because fossil fuels are not being created at a substantial rate, current supplies are finite. If present energy consumption rates are maintained, coal, oil, and natural gas reserves may only last 122, 42, and 60 years, respectively. The world’s uranium supply is insufficient to support large-scale, long-term nuclear power generation. As a result, the problem of sustainable development has become more prominent than ever, highlighting the necessity to choose a sustainable growth route. This trend is further solidified through a series of international agreements and conferences, many of which have presented their participants with goals that are easy to facilitate through the implementation of hydrogen.

To meet the Paris Agreement’s goals, the global energy system must undergo a significant change from one primarily reliant on fossil fuels to one efficient and renewable. According to an analysis by the International Renewable Energy Agency (IRENA, 2018), these measures could contribute over 90% of the required global CO2 emission reductions; Renewable energy is projected to directly contribute 41% of the needed emission reductions and electrification will contribute another 13%. To meet this target, renewable energy’s share of global final energy consumption must increase from 18 percent currently to 65 percent in 2050. One-third of the universal energy-related emissions now come from businesses with no viable alternative to fossil fuels; hence, a significant decrease in emissions would be feasible if these industries shifted to renewable energy sources at least partially. In terms of the product output and the variety of product applications, hydrogen is one of the most, if not the most, viable solutions for the sectors in question.

As a result, hydrogen may play a significant role in supporting three beneficial outcomes: the decarbonization of these sectors, the integration of substantial volumes of variable renewable energy (VRE), as well as the production of transportable hydrogen to decouple VRE generation and consumption. However, because hydrogen is presently not economically feasible, decarbonization of such industries would require significant cost reductions in production and distribution. It is feasible to estimate the tonal majority within the public opinion by analyzing the thoughts of some of the future sustainability experts early on. This information can later be used for further research on hydrogen and the ways to increase its viability within the boundaries of everyday use.

Hypothesis

On the basis of the existing literature review and the relevancy statement, a hypothesis for the research at hand was designed. It is expected by the author of the research that students with greater involvement with sustainability will be more inclined to support hydrogen’s use in the modern commercial landscape. The author estimates that they will be more likely to perceive the product as either already worthy of the investment it requires or at least as a high-potential initiative.

These claims are based on the growing international support for hydrogen within the sustainability sector and the global environmental community as a whole. The number of nations having policies that explicitly encourage investment in hydrogen technology, as well as the industries they target, is growing. Currently, there are about 50 objectives, requirements, and internal administrative efficiency to encourage hydrogen, the bulk of which are focused on transportation. With the opinion of the international community shifting towards greater enthusiasm in regards to hydrogen and its place in the modern renewable energy sector, an overall positive prognosis can be made. By testing the relationship between the knowledge and interest in sustainability and the view on hydrogen, one might develop a more detailed outlook on the future of the industry.

Methods

Research Design

The researchers used a descriptive research methodology because it allowed them to generalize and apply the findings outside the context in which they were performed. Furthermore, the researchers were able to generate testable hypotheses using deductivism because to the use of a descriptive study design. The use of a descriptive research design, as suggested by Bryman and Bell, assisted the researchers in producing greater output for the study, which attempted to assess how social media usage in the workplace might affect employee productivity.

This sort of study can be done with a single target audience group as well as across many groups with comparative analysis. The sample of respondents must be randomly selected, which is a requirement for this sort of study. Because a large variety of respondents will be addressed utilizing random selection, a researcher may simply maintain the correctness of the produced data. Traditionally, survey research was performed in person or over the phone, but as internet mediums such as email and social media have advanced, survey research has moved online as well.

Population and Sample Size

The population of the study consists of 40 college students, primarily post-graduates, between the ages of 20 and 45. A population is made up of all the items or occurrences of a particular category about which researchers want to learn more. The following formula can be used to obtain the sample size for this study: n = N/1+N (e2 ) n = N/1+N (e2 ) n = N/1+N. Additionally, the logistical components and time frame constraints were taken into account when establishing the approximate number of participants.

Research Instruments

For the gathering of pertinent primary data from employees and management, structured questionnaires were employed. The use of structured questionnaires aided in the collection of respondents’ attitudes. Furthermore, survey questions were straightforward to use and helped to keep the study objective while ensuring that the responses properly addressed the issues at hand. Furthermore, the surveys allowed the students to complete them during leisure, resulting in a greater study response rate. The structured questionnaires were used to measure the investment of the respondents into their business degrees and sustainability topics. Additionally, questions were introduced later to establish their thoughts on hydrogen and its potential in the renewable energy sector.

Various statistical techniques, such as regression analysis and Analysis of Variance (ANOVA), will be performed to evaluate the data collected from survey participants. The online survey questionnaire comprises a total of 9 questions, including demographic questions and questions focusing on the MBA students’ capacity to handle business obstacles when using hydrogen production in their future company plans. It was distributed among the 40 MBA students to answer online, which indicates their ability to choose the settings according to their own comfort. The survey is answerable through a 5-point Likert scale:

  1. Strongly Agree,
  2. Agree,
  3. Neutral,
  4. Disagree,
  5. Strongly Disagree.

Data Collection

Primary data for this paper’s research will be collected from study participants via questionnaires on the relevant subjects, and necessary preparations should be performed. The project author will inform participants about the study data’s level of confidentiality and the usual confidentiality safeguards. They will ensure that participants are aware of their legal rights and given the opportunity to ask any concerns they may have about the status of their data and how it is utilized. All of these ethical concerns are part of the normal primary data-collecting method, which ensures the privacy and safety of everybody engaged. The data will be anonymized for the consequent SPSS analysis and any further use throughout the course of the study. The researcher assumes responsibility for any potential confidentiality breaches while working on the project.

To ensure that the sample is representative, the researcher will be required to use a simple random sampling technique to choose the participants. This method assures that each target group member has an equal probability of being chosen. To guarantee that random sampling is carried out properly, techniques such as random number dialing and sampling procedures can be employed. Because the instrument is likely to have an influence on the survey’s quality, a consultation with statistics experts may be necessary before the research is conducted. It is important to note that the project’s representativity may be restricted even if the sampling technique is successfully performed, as the estimated sample size is about 40 respondents. Furthermore, they will share a significant trait in that the sampling will take place on university premises.

Selection bias and non-response bias are avoided or greatly reduced within the intended group. It is ensured that diverse aspects of influence, such as class, gender, race, age, and occupation, are distributed proportionately. However, certain profiling may be necessary to guarantee that a candidate is eligible to participate in the study. A background in business, environmental studies, or chemistry is advantageous, and individuals with such a background will be deemed preferential if a survey receives a number of responses exceeding its target. This secondary conditioning is implemented to, once again, increase the representativeness of the survey and its precision in reflecting the views and ideas of future sustainability specialists.

Data Analysis

A single figure in a data set might be interpreted in a variety of ways, thus exercising fair and cautious judgment is essential. Such, the initial outlook on the survey results demonstrates that 24.24 % of the respondents have strongly agreed with the notion of being well-versed on the matters of sustainability. Another 27.27% of the participants mostly agreed with the titular claim, with the total amount of participants interested in and educated on the matters of sustainability amounting to around 51.5%. At the same time, a total of 87.88% of students have chosen to claim they perceived hydrogen as stellar or promising. Yet further statistical assistance is required to test for overlap between these two variables and their precise relationship.

ANOVA (Analysis of Variance) is a statistical method for separating observed variance information into different components that may be used for further research. It tests allow for the simultaneous correlation of several groups in order to see if there is a link between them. The F-statistics, which is the outcome of the ANOVA equation, analyzes the assessment of several groupings of information to determine the changeability within and between samples. As shown in the table below, the P-value is 3.12, indicating that the variation between the means is not statistically significant because the value exceeds the significance level of 0.05. The standard deviation of variable 1 lies at 1.00714 and of variable 2 at 0.58236.

ANOVA
df SS MS F Significance F
Regression 2 4.123927 2.061963 217.3127 3.55E-21
Residual 37 0.351073 0.009488
Total 39 4.475

Table 5 ANOVA

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 0.042656 0.089886 0.47456 0.637889 -0.13947 0.224782 -0.13947 0.224782
ALA 0.9922 0.048127 20.61639 7.04E-22 0.894686 1.089714 0.894686 1.089714
FBC 0.010485 0.014642 0.716065 0.478447 -0.01918 0.040153 -0.01918 0.040153

Discussion

Based on the respondents collected through the designed survey the hypothesis has not been disproven. The participants with higher self-reported levels of interest in sustainability and their degree programs overall have indicated higher levels of support and optimism in relation to hydrogen’s future. The potential explanation for this trend, in the eyes of the project’s author, lies in the fact that the sustainability-related benefits provided by the use of hydrogen outweigh the overall threat of its high costs. The importance of hydrogen energy and fuel cell systems in mitigating environmental impacts, including climate change, is highlighted throughout. Two illustrations are presented, one covering an efficiency assessment of a PEM fuel cell, and the other a life cycle assessment of fuel cell vehicles. The largest energy consumption for an internal combustion engine vehicle is in the usage stage.

Hydrogen is currently widely employed in several industries, but its potential to enable sustainable energy transitions has yet to be realized. Bold, focused, and near-term action is necessary to further remove existing roadblocks and manage the associated costs. By utilizing existing businesses, infrastructure, and laws, the International Energy Agency (IEA) has identified four value chains that might help scale up hydrogen production and demand. All of these bigger prospects might be hypothetically avoided if the sustainability field’s leaders provide sufficient support moving ahead. Governments around the world understand the gravity of the climate change crisis by now, but might sometimes compromise the sense of urgency for the learned comfortot of the current infrastructure.

Regardless matter whether one of these four main opportunities – or other value chains not included here – is explored, the complete policy package of five action areas outlined above will be required. Furthermore, governments at all levels – regional, national, and local – will benefit from international collaboration with those trying to advance comparable hydrogen markets. The moment has come to realize hydrogen’s promise as a vital component of a clean, secure, and cost-effective energy future. According to recent studies, green hydrogen is receiving acclaim and attention both on the business and on governmental level, with the number of regulations and initiatives throughout the world quickly increasing. It believes that technology and lower prices might be united in the quest to make hydrogen more broadly available. The practical and concrete recommendations made to governments and business will enable them to fully capitalize on this growing momentum. And there is no surprise that it is the most involved and actively enthusiastic members of the current business student community that understand the multiple benefits of hydrogen.

Green hydrogen is created by converting renewable energy into electricity to power electrolysis, which separates water molecules into oxygen and hydrogen. This is distinct from and superior to hydrogen. Hydrogen has the potential to play a large role in a low-carbon economy’s energy, with the ability to provide power system management, transportation, and heat. Hydrogen can aid in the resolution of a number of pressing energy issues. It proposes strategies to decarbonize a series of energy-expensive steps without providing the team with the clue. It can also aid in the improvement of air quality and the enhancement of energy security. In 2018, global energy-related CO2 emissions reached an all-time high, despite highly ambitious international climate objectives. As the economic development will only continue accelerating as the society exists, the modern business experts have no choice but to reconsider the current use of oil and fossil fuel by switching to high-potential renewable alternatives.

Hydrogen is a versatile substance, which gives it an advantage against some of the more precise and less widely utilized alternatives. Hydrogen can create, store, move, and consume energy in a variety of ways thanks to current technologies. It can be extracted from natural substances, such as gas and coal. It’s similar to liquefied natural gas in that it may be delivered as a gas through pipes or as a liquid through ships (LNG). It can be converted into energy and methane, which may be used to any of the major electricity applications today, both mundane and historically significant.

Hydrogen can, hypothetically, greatly improve the overall popularity and usability of the renewable energy sources as a whole. Firstly, it can be produced, which already makes it a more usable option then solar and wind energy, whose supply and demand are unlikely to match. Hydrogen appears to be the most cost-effective option for storing power for days, weeks, or even months, and it is one of the most popular renewable energy storage alternatives. Within the boundaries of the sustainability enthusiasts that utilize renewable energy in their daily life, one might say that hydrogen is a perfect example of an evolving industry.

Conclusion

For decades, hydrogen occupied the role of a free stock and a borderline universal solution in the modern energy industry. Throughout the process, the relevance of hydrogen energy and fuel cell systems in reducing environmental consequences, such as climate change, is emphasized. Two illustrations are shown, one for a PEM fuel cell efficiency evaluation and the other for a life cycle assessment of fuel cell cars. The use stage of an internal combustion engine vehicle consumes the most energy. Hydrogen might be the “missing link” in the energy transition, allowing substantial volumes of renewable energy to be delivered to sectors that are otherwise difficult to decarbonize through direct electrification, such as transportation, industrial, and present natural gas usage. In this sense, powerto-hydrogen may be able to provide some of the additional flexibility required to manage the massive amounts of VRE projected to come online in the coming decades. As such, it has the borderline unique capacity to reduce the necessary harm of the industries and fields that modern society is universally dependent upon.

The mutually beneficial policies of governmental bodies and energy agencies may help to maintain the momentum of hydrogen within the industry and further expand upon it. The sustainability specialists are currently intending to accelerate the infrastructural upgrades, increase investor confidence, and decrease costs by building on present policies, infrastructure, and capabilities. The results of the research demonstrate that future generations of researchers and energy experts might already be largely on board with this universally applicable yet demanding fuel. On this matter one might conclude, that costs are a general issue within the renewable energy field. As more and more firms reduce their use of fossil fuels and oil as much as possible, hydrogen is likely to replace them in multiple areas.

References

Noussan, M., Raimondi, P., Scita, R., & Hafner, M. (2020). The Role of Green and Blue Hydrogen in the Energy Transition—A Technological and Geopolitical Perspective. Sustainability, 13(1), 298.

Zhang, H., Yuan, T., & Tan, J. (2021). Business model and planning approach for hydrogen energy systems at three application scenarios. Journal Of Renewable and Sustainable Energy, 13(4), 044101.

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