Hydrogen to bring £124 billion and 1.6 million jobs to the UK

A wider hydrogen supply chain – producing and supplying hydrogen for transport, power generation, and commercial and industrial use – could lead to a total of £124 billion of economic value with 1.6 million jobs created or retained by 2050.

Most of the UK’s emerging hydrogen projects are outside of London. The North West of England is poised to benefit the most, with the potential to grow by £13 billion in the period to 2050, and 75 000 jobs created or retained.

This is closely followed by South-East England, with £7 billion economic benefit and 80 000 jobs, Scotland (£5 billion and 51 000 jobs), and Yorkshire and The Humber (£4.5 billion and 64 000 jobs).

To meet the Government’s commitment to reach net-zero by 2050, the UK power grid needs to move away from a reliance on fossil fuels. Questions remain over the best combination of power sources to continue to meet the UK’s demands.

Hydrogen is a low-carbon alternative to gas which can be created in the UK and stored, ready to be used during peak demand for energy. It can be pumped through existing gas pipes, with limited disruption and additional cost. Using hydrogen for heat will offer an option to those who are unable to electrify, either due to financial or space constraints.

The US and Europe are increasing their hydrogen supply chains at pace and scale, and the international hydrogen economy is worth an estimated US$11.7 trillion by 2050. Today’s report underlines that the UK is third in Europe for how attractive it is to hydrogen investors – with good supply, policy and regulation, demand, and infrastructure - bringing with them more money for the UK economy.

In terms of sectors that are set to feel the benefits of the hydrogen economy, construction and manufacturing are likely grow the most, sparking a new UK-led green-industrial revolution. The PwC calculations estimate around 300 000 jobs and over £22 billion injection into these critical sectors that drive and sustain the UK economy.

Read the article online at: https://www.globalhydrogenreview.com/hydrogen/28092023/hydrogen-to-bring-124-billion-and-16-million-jobs-to-the-uk/