About the event
The development of a green hydrogen industry is one of the top priorities of Chile's energy agenda to achieve a green recovery post COVID-19 pandemic and the country's goal of carbon neutrality by 2050. The Ministry of Energy will launch Chile’s National Green Hydrogen Strategy on November 3 and 4, 2020, at the International Green Hydrogen Summit (virtually).
The Chilean Government has identified the UK as a key country of interest and wishes to hold this exclusive event with the Minister of Energy, Juan Carlos Jobet, and members of the UK business and investment community to highlight the strong potential of green hydrogen in Chile, as well as the opportunities that exist for foreign companies to play a key role in the development and expansion of this industry.
Why hydrogen?
The Global Hydrogen Council expects that by 2050 the global demand for energy supplied by hydrogen could grow up to 10 times, representing 18% of world energy demand. Global investment on hydrogen is estimated to reach USD 500 billion by 2030 and USD 2.5 trillion by 2050, creating around 30 million jobs.
According to a recent study, hydrogen could satisfy up to half of the UK’s total energy needs by 2050. H2 can help to integrate renewables into the power system and balance their output, adding more than £3 billion/year to the UK´s clean energy market by 2050, reducing the power sector requirement for flexibility.
Why Chile?
Chile has the potential to produce and export green hydrogen at some of the lowest costs globally – potentially USD$1.5 per kg by 2030. The Minister Jobet has said, “Chile could be exporting US$30bn of green hydrogen by 2050”. “That’s how much copper we export today.”
Chile has one of the highest on-shore wind capacity factors in the world in Southern Patagonia and the highest solar radiation index in the world in the Northern Atacama Desert.
Excellent conditions to create an industrial cluster around hydrogen in northern Chile: presence of world-class mining sites, nearby port infrastructure, world-class astronomy (engineering, high-level technical capabilities).
Chile has experienced the highest rate of economic growth in the region due to a stable regulatory regime and an openness to foreign investment that is currently fuelling sustained development of renewable energy projects in the country. It is also one of the most open economies in the world to trade.
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