Hydrogen will be a key contributor to the energy transition. Here’s what Equinor is doing.
A net-zero economy will demand a change in the energy mix, new products, and changes to current industrial processes. Hydrogen as an energy carrier is a solution in sectors that are difficult to decarbonize, such as industrial processes, long-distance transport, and shipping – sectors that have few other options.
As the market for hydrogen is maturing, Equinor is taking steps to develop the low carbon hydrogen value chain in North-West Europe based on natural gas produced in Norway.
We are participating in several projects globally to show how hydrogen can provide scalable and profitable growth opportunities in the future. All projects are in an early phase, and subject to uncertainty. Our ambition is to develop low-carbon hydrogen production in 3-5 major industrial clusters and have a 10 percent market share in Europe by 2035.
Low carbon hydrogen is linked to the availability of CO2 storage capacity. The geology in the North Sea basin is very suitable for CO2 storage, with a huge storage capacity, estimated at 85 Gt. (Norwegian volume). This is enough to store all current emissions in Europe for nearly 25 years.
