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Cutting-edge innovations ‘driving investment boom’ in green hydrogen

 960 640 Stuart O'Brien
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The clean energy landscape is gaining significant momentum in 2024, fuelled by substantial support from major economies and venture capitalists propelling the advancement of green hydrogen technology.

Recent months have witnessed a pronounced uptick in interest and investment in this domain. At the forefront of this innovative wave is green hydrogen, a pioneering technology for producing net-zero, clean fuel.

This rising trend is also fueled by several high impact innovations in green hydrogen technology, as highlighted by Technology Foresights, a proprietary framework developed by GlobalData.

Globally, the surge in interest surrounding green hydrogen is unmistakable, underscored by significant developments in various regions. In India, projects valued at $2 billion have received clearance, with plans to invest up to $12 billion in the coming years dedicated to green hydrogen production. Mirroring this commitment, Italy has earmarked a substantial $1.1 billion fund specifically for the establishment of electrolyzer factories crucial to green hydrogen processes.

Notably, Morocco is aligning with this global trend, designating 1 million hectares of land for green hydrogen production. This momentum is further accentuated by substantial venture capital investments, as evidenced by leading investors such as TPG Capital and Temasek injecting multimillion-dollar funds into green hydrogen startups in recent months. These developments underscore a growing global interest in green hydrogen, propelled by both governmental initiatives and private sector investments.

Sourabh Nyalkalkar, Practice Head of Innovation Products at GlobalData, comments: “The evolution of hydrogen production technologies reflects a significant shift from carbon-positive to net-zero carbon solutions. The industry has transitioned from conventional syngas or methane reforming methods, associated with carbon emissions, to advanced technologies leveraging renewable sources like solar and hydro for hydrogen production. Notably, the innovation radar for green hydrogen highlights emerging technologies such as photocatalyst electrodes and electrochemical water splitting, anticipated to be impactful innovations in the long run. This progression underscores a concerted effort towards sustainable and environmentally friendly hydrogen production methods.”

Key players in green hydrogen production technology, such as Toshiba, Panasonic, and Topsoe, are at the forefront of innovation in photocatalyst electrodes. These industry leaders are expanding their focus beyond traditional materials like titanium and zinc, aiming to develop highly efficient electrodes capable of facilitating electrochemical reactions for hydrogen production. Importantly, these major players are securing contracts from public entities to establish hydrogen production facilities. For instance, Panasonic received orders from Greater Manchester, while Topsoe successfully secured projects from the Australian government, supplying technology crucial for green hydrogen production.

Nyalkalkar concludes: “The green hydrogen startup landscape is currently ablaze with innovation, attracting substantial investments from prominent stakeholders worldwide. In the first quarter of 2024 alone, leaders in the photocatalyst electrode startup landscape monitored on Technology Foresights, including Sunfire, Ohmium, and Verdagy, have collectively raised nearly $500 million from top-tier venture investors. This surge in investment and innovation activities suggests a promising future for the industry, prompting stakeholders in the energy sector to stay vigilant.

“To capitalize on this growing momentum, strategic pivots and exploration of new growth opportunities through collaborations and acquisitions are essential for securing a foothold in this rapidly evolving and promising space.”

Carbon emissions reduction ‘requires rigorous compliance’ to net zero strategies

 960 640 Stuart O'Brien
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The carbon-intensive oil and gas industry is undergoing massive disruption with more countries and companies trying to implement net zero emissions by 2050 – but tackling emissions and supporting low-carbon industries will require a combination of well-designed regulation and increased investment in decarbonisation.

That’s according to GlobalData, which cites that greenhouse gas (GHG) emissions generated by oil and gas operations—also known as Scope 1 & 2 emissions—were reportedly accounted for 15% of the total energy-related emissions worldwide in 2022.

A further 40% of the energy-related emissions came from the use of oil and gas for power generation, heating, vehicle fuel, and industrial processes, also known as Scope 3 emissions. Against this backdrop, developed countries are aiming for net zero by 2050 while developing countries like China and India are aiming for 2060 and 2070, respectively.

GlobalData’s thematic report, “Net Zero Strategies in Oil & Gas,” provides an overview of the efforts to mitigate emissions from the oil and gas industry. It benchmarks leading companies, such as  BP, Equinor, ExxonMobil, TotalEnergies, and Shell, based on their emissions and net zero commitments.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Oil and gas companies are currently working to reduce scope 1 and 2 emissions, generated by their operations. Several leading companies have set themselves the target to reach operational net zero emissions by 2050. To achieve this, companies are focusing on adopting new technologies, such as low-carbon hydrogen, carbon capture and storage; and making other operational changes like building renewable energy and biofuels capacities.”

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The 2021 United Nations Climate Change Conference (COP26) conference had called upon the participating countries to develop long-term net zero strategies. The COP27 summit of 2022 encouraged countries to consider nature-based solutions. The upcoming COP28 summits hopes to make grounds to fast-track energy transition and significantly reduce emissions before 2030.

Barbara Monterrubio, Energy Transition Managing Analyst at GlobalData, said: “To support global commitments towards climate change, countries and regulatory bodies have started introducing emissions trading systems or enhancing existing ones. This is pushing companies to strengthen internal targets and diversify their portfolios into clean and sustainable products and technologies. Even when the mitigation strategies approached by each company are different, they all converge on reducing emissions intensity and cutting operational emissions, reduce and stop flaring and include renewable technologies.”

Most net zero targets set by oil and gas companies cover Scope 1 and 2 emissions. To reduce Scope 3 emissions, oil and gas companies are switching their products to lower-carbon sources of energy including hydrogen, LNG, biofuels, and renewables.

Monterrubio concluded: “Even when a fast progress is being made in tackling upstream and downstream emissions, switching to low carbon products is a long-term process, with many oil and gas majors in the early stages of their energy transition strategy. A combination of well-designed regulations as well as huge investments are needed to tackle emissions and support low-carbon industry.”

Photo by Sugarman Joe on Unsplash

Carbon management adoption increasing as part of corporate sustainable development goals

 960 640 Stuart O'Brien
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As the urgency to combat global warming intensifies, enterprises are increasingly adopting rapid decarbonisation practices to align their business strategies with sustainable development goals (SDGs).

With a focus on addressing the dual crises of climate change and the ongoing destruction of natural ecosystems, businesses are at the forefront of sustainability efforts and are highly interested in investing in carbon management technologies to systematically reduce their CO2 emissions, says GlobalData.

Kiran Raj, Practice Head of Disruptive Tech at GlobalData, said: “From green financing and green buildings to green IT, investments in clean technology are on the rise, defying the considerable geopolitical and macroeconomic headwinds that affected most capital markets. The fast-paced adoption of carbon management technologies will continue in 2023 and beyond as governments, corporations, and investors increasingly collaborate to make the low-carbon future a reality.”

Shagun Sachdeva, Project Manager of Disruptive Tech at GlobalData, added: “Across the broad spectrum of carbon management solutions from new materials, clear sustainability disclosure standards, improved carbon capture techniques to more adaptive supply chains, companies are constantly innovating to stay ahead of the curve. The key for the companies will be to evaluate their strategies in light of growth and return projection and strike a balance between capability and profitability.

GlobalData’s Innovation Radar report, “Green business: How carbon management technologies help reduce CO2 emissions,” highlights how the real-world innovations in carbon management across industries can allow companies to either draw analogies with existing products, services, and processes or transfer strategic approaches for a revolutionary transformation.

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Sachdeva added: “While there has been a slow yet steady rise in carbon management concepts such as carbon assessment, reduction, recycling, trading, and green fuels in the last few years, new innovations in use cases such as carbon capture & sequestration and green IT will take carbon management ecosystem to the next level.”

Carbon capture & sequestration

Carbon capture & sequestration will play a promising role in the energy transition, especially in heavy industries like power, steel, cement and oil and gas. It refers to the suit of technologies used for capturing CO2 produced during industrial processes. In June 2022, Italy-based startup Energy Dome developed a CO2 battery for long-duration energy storage. Energy Dome claims that the battery uses CO2 to store renewable energy on the grid and can be deployed anywhere. In March 2022, Danish green-tech startup Algiecel developed a photobioreactor based on a mobile container using algae to absorb CO2 emissions from industrial processes.

Green IT

Green IT or green computing covers information and communications technology (ICT) and computing technologies with lower carbon footprints. This starts with manufacturers manufacturing sustainable products to IT departments switching to more environmentally friendly options like virtualization, power management and proper recycling habits. In February 2023, a Taiwan-based manufacturer and distributor of computer hardware, Gigabyte, introduced next-generation servers with an aim to reduce carbon emissions with its green computing solutions. In January 2023, California-based Data Center-as-a-Service provider ECL launched a modular, environmentally friendly, off-grid data center that uses green hydrogen as its main power source.

Sachdeva concluded: “Despite a strong push towards carbon management solutions, the industrial application of carbon management technologies is still in its infancy and will take significant time to scale up. No major industries currently operate in an entirely circular way. Infrastructure implementation, cost control and standard as well as lack of efficient reporting frameworks being the key challenges at present, it will be interesting to watch how companies will strategically place their bets and meet their M&A targets that not only capture the climate-focused tailwinds but also keep them insulated from the macroeconomic headwinds.”

North America set to lead global renewable refinery capacity additions

 960 640 Stuart O'Brien
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Renewable refinery fuels/drop-in fuels are gaining importance globally as they are relatively environmentally friendly when compared to crude oil-based refined fuels. As a result, renewable refinery capacity additions are gaining momentum with North America set to witness the highest capacity additions among all the regions.

GlobalData’s report, “Renewable Refineries New Build and Expansion Projects Analysis by Type, Development Stage, Key Countries, Region and Forecasts, 2022-2026,” reveals that North America is expected to witness a renewable refinery production capacity of 10,942 million gallons per year (mmgy) in 2026, followed by Asia and Europe with 3,641 mmgy and 3,288 mmgy, respectively.

Himani Pant Pandey, Oil and Gas Analyst at GlobalData, comments: “Many countries are taking initiatives to reduce carbon emissions as part of their plans to reduce carbon footprint. Therefore, the demand for renewable refinery fuels such as sustainable aviation fuel (SAF) and renewable diesel is increasing globally, which in turn is resulting in capacity additions, especially in North America, Asia, and Europe.”

The US is expected to witness the highest renewable refinery production capacity additions in North America as well as globally, with 8,324 mmgy capacity expected to be added by 2026 from several planned and announced projects. All the upcoming projects in the US are through standalone renewable refineries.

Panama, Singapore, and Canada are the other key countries where considerable renewable refinery production capacity additions are expected to take place through 2026.

Pandey concludes: “Renewable refinery capacity additions are mainly through standalone refineries while some of the crude refineries are either being converted into fully or partially as renewable refineries to boost renewable fuel production.”

IT service providers actively targeting ESG opportunities

 960 640 Stuart O'Brien
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IT services providers that are expanding their portfolios to target environmental, social and governance (ESG) opportunities are making a wise move as many enterprises require assistance developing and implementing ESG-related initiatives, says GlobalData.

The leading data and analytics company notes that these companies must continue to adapt to shifting market dynamics to stay ahead of the curve.

According to a recent GlobalData survey, 34% of respondents indicate that their company has made adjustments to its ESG initiatives in the last 12 months.

Rena Bhattacharyya, Service Director for Enterprise Technology and Services at GlobalData, said: “For the most part, IT service providers are focusing on the environmental aspect of ESG by offering services and solutions related to sustainability such as carbon emissions assessments and advice on methods for reducing carbon footprints.

“Additionally, providers are helping customers implement circularity with strategies targeting reuse, reduce, and recycle initiatives. IT services providers are also embedding the sustainability conversation into the sale of complementary solutions, such as procurement and supply chain-related products, or smart city and fleet management solutions.”

GlobalData’s latest reports, ‘IT Services Providers Build Portfolios to Monetize ESG (part 1)’ and, ‘IT Services Providers Build Portfolios to Monetize ESG (part 2)’, found that IT services providers are developing sustainability portfolios to help customers with ESG-related initiatives, but not all are equally well-positioned in this emerging area. Many focus primarily on sustainability, but the most forward looking are offering best practices related to inclusivity.

Providers utilize a variety of strategies to expand their portfolios, ranging from acquisitions and partnerships to development of new services and solutions, and re-packing of existing tools. For example, IT services providers, including Accenture, Atos, and IBM acquired niche players that focus on emissions consulting or data analytics services.

Bhattacharyya added: “Not surprisingly, given the importance of sustainability in Europe, acquisition targets tend to be based in that region. However, the competitive landscape is evolving quickly with repositioning of players likely as acquisitions continue and as small ESG-focused boutique consultancies continue to carve a niche for themselves in the market.”

Most IT services providers offer little in the way of guidance to customers when it comes to the social and governance aspect of ESG. However, this lack of focus on social and governance-related offerings may change as ethical issues, particularly with respect to data management and privacy, cloud sovereignty, artificial intelligence, and the metaverse, become increasingly top of mind amongst organizations, and regulatory requirements evolve and mature, especially for emerging technologies.”

Bhattacharyya concluded: “Looking ahead, IT services players will need to embed sustainability elements in all business operations and not as a separate workstream.

“Although environmental sustainability is receiving a large amount of focus at present, other aspects of ESG will become increasingly top of mind. Issues related to data privacy, ethics, bias, and Responsible AI will continue to grow in importance and organizations will need help responding to these governance-related issues.”

Oil and gas giants taking ‘measured’ steps for energy transition

 960 640 Stuart O'Brien
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Oil and gas industry leaders are steadily incorporating transition fuels as well as low-carbon and zero-carbon energy sources into their portfolios, with the contributions of those fuels ‘pivotal’ for a successful energy transition and mitigation of carbon emissions.

GlobalData’s thematic report, “Energy Transition in Oil & Gas,” reveals that major oil companies such as BP, TotalEnergies, Shell, ExxonMobil, and Chevron have set net zero emission targets for 2050. The industry players are taking a variety of routes in their energy transition journey, including carbon capture and storage (CCS), hydrogen production, renewable power generation, electric vehicle (EV) charging, energy storage, and biofuels.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Given the growing prominence of energy transition due to the increased awareness about the impact of fossil fuel emissions on climate change, the oil and gas industry will face international pressure, as the progress towards new energies becomes a particular point of scrutiny. Many governments are emphasizing the need to pursue cleaner fuels as alternative energy sources to mitigate the emissions.”

To meet their medium and long-term decarbonization targets, oil and gas players are investing in both existing and emerging technologies. Renewable power, particularly solar and wind, is one of the prominent areas where big oil companies, including BP, TotalEnergies, Shell, and Equinor are investing.

Puranik continues: “Oil and gas players are balancing their emission-intensive portfolios through the addition of renewable power projects, which could prepare them for the future market demands in the energy sector. This transition is further aided by regulatory support from major economies that have pledged to become climate neutral. In the medium term, however, emission mitigation technologies, such as CCS would help energy companies to persist with fossil fuels.”

ExxonMobil is one of the industry leaders pursuing CCS technology development and its commercial deployment. It is also investing in blue hydrogen projects that necessitate the use of CCS. On the other hand, European oil majors, such as TotalEnergies, BP, and Equinor are giving greater preference to green hydrogen, with proposed projects in Europe and Asia. Shell is investing in the growing EV market by effectively leveraging its global network of fuel retailing outlets to build EV charging infrastructure.

Puranik concludes: “The goal of this transition is to eliminate carbon emissions from the energy value chain over the long-term. Presently, oil and gas companies are taking calculated steps for energy transition but could become the dominant players over the coming years.”

Germany to have ‘highest LNG consumption in Europe’

 960 640 Stuart O'Brien
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Germany’s reliance on Russian gas and the need to find alternate supplies given the current geopolitical situation between the two countries has set Germany on a course to the highest liquefied natural gas (LNG) consumption in Europe.

The country, which previously relied on pipelines from Russia to meet its natural gas needs, is now looking at LNG as an alternative post Ukraine war. Germany is therefore set to register the highest LNG regasification capacity additions in Europe between 2022 and 2026, and will account for about 36% of the region’s total capacity additions by 2026, says GlobalData, a leading data and analytics company.

According to GlobalData’s latest report, “LNG Industry Capacity and CAPEX Forecast by Region and Countries, 2022-2026”,Germany is expected to achieve a total LNG regasification capacity addition of 2.1 trillion cubic feet (tcf) by 2026. Of this, 84% (1.8 tcf) is expected to come from newly built regasification terminals, while the remaining 16% will come from the expansion of existing terminals.

Himani Pant Pandey, Oil and Gas Analyst at GlobalData, comments: “Germany currently doesn’t have active regasification terminals. It is now mainly focusing on the development of offshore regasification terminals as they can be constructed more rapidly and economically when compared to onshore terminals. The country even passed an LNG acceleration law, which is aimed at accelerating approvals required for the development of regasification terminals.”

The planned Lubmin Floating terminal, to be operated by Deutsche ReGas, will be the largest contributor to the LNG regasification capacity additions in Germany. The terminal is expected to start operations in 2022 with its initial capacity of 159 billion cubic feet (bcf), increasing to 477 bcf by 2026.”

The second largest contributor among the upcoming projects in Germany is the Stade LNG terminal, which will be operated by Hanseatic Energy Hub and is likely to add a capacity of 469 bcf by 2026.

With a capacity of 353 bcf, Brunsbuttel LNG terminal, which will be operated by Nederlandse Gasunie is the third ranked project by highest capacity additions and  is expected to come online by 2023.

56% of world’s energy to be generated in APAC region by 2030

 960 640 Stuart O'Brien
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Energy decisions made by the leaders of APAC countries in the next few years will have significant impacts on the battle against climate change, with the region expected to generate over half of the world’s energy by 2030.

GlobalData’s latest report, ‘Tech in 2030 – Thematic Intelligence’, reveals that the APAC region is expected to experience the highest growth in energy production—with generation rising 3.9% every year between 2022 and 2030, compared to the 1.8% in Europe and 1.4% in North America. This casts concerns about whether renewable development will be able to keep pace.

Robert Penman, Thematic Analyst at GlobalData, said: “Traditionally, growth has been reliant on increasing fossil fuel use, which is at odds with the burning need to decarbonize and limit the effects of climate change. Further, climate change will increase energy demand and consumption even further. For example, air conditioning systems will be increasingly necessary around the world. The APAC region has some incredible potential for renewable development, but it is clear that the decisions made by leaders in this region between now and 2030 will be felt all around the world.”

China, Mongolia, and Australia hold huge potential for renewables in APAC

The APAC region is expected to generate 43% of its energy from renewable sources by 2030, driven by investment in China and Australia, as well as the high potential in Mongolia.

Penman continued: “China is a clear winner when it comes to renewables in the APAC region. It has invested heavily in both solar and wind, and its highly productive companies will export these technologies and the necessary infrastructure worldwide. Meanwhile, Australia will benefit greatly from the energy transition as it has access to key raw materials and enormous solar power potential—useful for hydrogen production. Last, but not least, Mongolia has the potential for 2.6 terawatts of renewable energy production. Major advances in battery storage would allow significant energy exports from this country.”

APAC and MEA only regions to not exceed 50% generation from renewables/low-carbon sources by 2030

Worldwide energy generation will reach 35PWh by 2030, with 49% of energy generated by renewables and low-carbon fuels. Most of the world’s regions are looking to generate more energy from renewables than fossil fuels (67% from renewables in Europe, 60% in North America, and an impressive 77% in the South and Central America), but APAC and MEA will lag behind, at 43% for APAC and 20% for MEA.

Penman added: “APAC and MEA’s lower renewable generation share is a consequence of the need to rapidly increase energy generation to keep pace with the regions’ growing consumption. Microgrids offer a way to start incorporating renewables into the power mix while also helping rural populations access electricity. They are often fuelled by off-grid renewable sources to power local buildings and can later be connected to the main grid to increase its resilience and provide backup support.

“Conversely, Europe’s higher proportion of energy from renewables will heighten the need for a continent-spanning supergrid and large-scale energy storage solutions. This will enable countries to match renewable power generation and demand across the entire continent.”

Coal to remain largest energy source but high growth in wind and solar

GlobalData’s report reveals that, despite an estimated $4.4 trillion of investment in renewable energy projects between 2022 and 2030, coal will remain the single largest source of energy worldwide in 2030—accounting for 9.5PWh of generation. Wind and solar will see the most development, with generation growing at a yearly rate of 9.3% for wind, and 14.9% for solar.

Penman concluded: “As the world weans itself off fossil fuels, it’s easy to know which renewable technologies will have the greatest impact on limiting climate impact by 2030 – it will be the technologies implemented today. Wind and solar in particular will grow in importance over the next decade and beyond.”

Power companies on track for energy transition but ‘must not neglect full ESG responsibilities’

 960 640 Stuart O'Brien
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Power companies will face increasing pressure to respond to both social and governance issues while navigating their way through the energy transition process in the following decade.

GlobalData’s latest report, ‘ESG Top Trends by Sector – Thematic Research’, reveals that renewable energy initiatives have been gaining traction globally, with power companies primarily focusing on the environmental factors (‘E’) in ‘ESG’. However, it is important that these companies focus not only on the environmental and technical aspects of their operations, but also maintain a holistic approach to sustainability.

Adrian Li, Energy Transition Analyst at GlobalData, explained: “Renewables taking an increasing share in the global power mix can be seen as a consequence of multiple environmental efforts from power companies to increase investments in developing clean power generation projects. This increasing share in the global power mix is also supported by government subsidies which have made green energy more price competitive, decreasing its costs exponentially and allowing companies a faster shift from fossil fuels.

“There has been a dramatic growth in the global renewable energy share; 2024 looks to be the watershed when renewable sources overtake coal-fired power generation share globally. By 2030, it is expected that more than 40% of global power will be supplied by renewables. This increase has been driven by both technological advancement and favourable government policies.”

GlobalData also notes that care must be taken by power companies not to neglect social and governance factors. In Q1 2022, social media conversations around ESG declined by 36%, compared to Q4 2021. This can be attributed to the COP26 event held in October 2021 that ignited intense interest in climate change on social media. Sentiment remains pessimistic in social media conversations regarding ESG, reflecting consumer caution towards changes in the power industry.

Li added: “Consumers have become very conscientious about carbon emissions and climate change, and, by extension, the social impact of these companies. Factors such as poor workplace conditions or corruption will severely damage the reputation of power companies and decrease investment, as interest in energy becomes increasingly consumer driven. Even something such as poor cybersecurity—although not directly related to climate change—could sour the public’s impression of a company and make them lose confidence.”

Cybersecurity spending in the energy industry ‘will rise to $10 billion by 2025’

 960 640 Stuart O'Brien
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The rapid digitalisation of the oil and gas industry has made the industry increasingly vulnerable to cyberattacks, says GlobalData.

The leading data and analytics company notes that companies must now fortify their cybersecurity posture in line with their digitalisation strategy or risk financial and reputational harm.

GlobalData’s latest report, ‘Cybersecurity in Oil and Gas – Thematic Research’ reveals that the Colonial Pipeline attack in May 2021, which hammered home the sector’s vulnerability to cyber threats, spurred an increase in cybersecurity spending. Consequently, GlobalData estimates cybersecurity revenues for the energy industry will reach $10 billion by 2025.

Francesca Gregory, Thematic Analyst at GlobalData, said: “Demand for oil products fell 14% in Q2 2020, causing prices to plummet. To stay competitive in the face of mounting financial pressure, oil and gas companies invested heavily in digital technologies to streamline operations and cut costs, which is evidenced by an analysis of patent trends.”

Oil and gas companies increased total patent publications across artificial intelligence (AI), blockchain, cloud computing, the Internet of Things (IoT), robotics, and virtual and augmented reality by 46% between October 2019 and April 2021, according to GlobalData.

Gregory continued: “Oil and gas companies are realizing the benefits of integrating technologies into workflows, with the pandemic undoubtedly playing an instrumental role in boosting the momentum of the industry’s digitalization. However, the wider industry is largely underprepared to handle its risks. The digitalization wave creates new access points in industrial networks for hackers to exploit. As technology develops, from mobile apps to the cloud to IoT, the level of complexity needed for organizations to maintain a cyber-aware stance will rise.”

Despite the increase in cybersecurity spending, the industry is still not taking cybersecurity seriously enough. GlobalData’s recent report found that only 20% of the largest oil and gas companies by market cap had a chief information security officer (CISO) on the board. This suggests that, while companies have made room for cybersecurity in their budgets, cybersecurity is absent from companies’ central strategy.

Gregory added: “The industry’s current situation is precarious in the midst of the industry’s rapid digitalization, rising cyber risk, and the promise of maximum disruption and extortion from oil and gas companies.”

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