Can Nigeria harness hydrogen’s energy potential?
Harnessing the power of hydrogen energy

Between 2014 and 2019, global oil and gas investment fell from over $1 trillion per year to less than $800 billion, a 32% drop.
 


For oil and gas enthusiasts, these figures are alarming. But for proponents of clean energy, there are reasons to celebrate. First, the fact that fossil fuel investments have reduced is a win but more significantly, investments into low carbon fuels have increased, even from oil and gas companies. In spite of the pandemic, in 2020, 1% of the oil and gas industry’s total capital expenditure went into clean energy investments and this value was estimated at 4% in 2021. 

 

Some takeaways:
 

  • Oil and gas investments have decreased by over 30% since 2014 but clean energy investments are on the rise due to climate change concerns.

  • One promising fuel is clean hydrogen which has many uses from chemical production to aviation fuel and electricity generation. However, clean hydrogen is currently more expensive than other forms of hydrogen.

  • Countries around the world are formulating policies and making investments to increase demand for clean hydrogen. There are opportunities for fossil fuel producing countries like Nigeria to become exporters of clean hydrogen but there are also challenges.

 

Clean energy investments are key for achieving decarbonisation which is the reduction of emissions of greenhouse gases. While electricity and renewable

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Noelle Okwedy

Noelle Okwedy

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