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Market snapshot of 2024’s hydrogen projects

3 January 2024

Key points: 

> COSTS: A major factor behind the pick-up in hydrogen project activity is the rapid reduction in renewable energy costs. Solar photovoltaic costs are as low as $0.049 a kilowatt hour, and developers in the region have been offering a levelised cost of electricity (LCOE) to offtakers that is three times cheaper than the global average.

As technology improves, the average cost of green hydrogen is forecast to decrease to about $2 a kilo in 2030, from $5 today.

> DEMAND: Hydrogen growth is expected to increase significantly, thanks to factors such as net-zero targets, diversity and security of supply, and rising gas prices.

> PROJECTS PIPELINE: The GCC states and Egypt are seeking to take advantage of cheap renewable energy to enhance their position as global energy exporters, while others such as Morocco and Jordan aim to export clean energy and reduce imports

There are 75 projects across the Mena region, with 85 per cent geared towards the production of green hydrogen.

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