'During the company’s latest earnings call, Saudi Aramco CEO told investors that Aramco had abandoned immediate plans to develop its LNG sector in favor of hydrogen..''In a virtual climate summit with 41 world leaders last month, President Joe Biden unveiled an ambitious ten-year Climate Plan that has proposed cutting U.S. greenhouse gas emissions by 50-52% by 2030. That represents a near-doubling of the U.S. commitment of a 26-28% cut under the Obama administration following the Paris Agreement of 2015.
Just last week, some of the biggest names in the business suffered a trifecta of blows after Chevron (NYSE:CVX) shareholders voted to further cut emissions; Exxon Mobil (NYSE:XOM) lost at least two board seats to an activist hedge fund while a Dutch court ordered Royal Dutch Shell (NYSE:RDS.A) to cut its greenhouse gas emissions harder and faster than it had previously planned. Never mind the fact that Shell already had pledged to cut GHG emissions by 20% by 2030 and to net-zero by 2050. The court in The Hague determined that wasn’t good enough and demanded a 45% cut by 2030 compared to 2019 levels.
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The Saudi government is building a $5 billion green hydrogen plant that will power the planned megacity of Neom when it opens in 2025. Dubbed Helios Green Fuels, the hydrogen plant will use solar and wind energy to generate 4GW of clean energy that will be used to produce hydrogen.
But here’s the main kicker: Helios could soon produce clean hydrogen that’s cheaper than oil.
Bloomberg New Energy Finance (BNEF) estimates that Helios’ costs could reach $1.50 per kilogram by 2030, way cheaper than the average cost of green hydrogen at $5 per kilogram and even cheaper than gray hydrogen made from cracking natural gas. Saudi Arabia enjoys a serious competitive advantage in the green hydrogen business thanks to its perpetual sunshine, wind, and vast tracts of unused land.
During the company’s latest earnings call, Saudi Aramco CEO told investors that Aramco had abandoned immediate plans to develop its LNG sector in favor of hydrogen..'
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Rapid Energy Transition.. June 1, 2021
ContextChina Boasts Successful Nuclear Fusion, May 31, 2021
(IEA)(EU)(2021-2030) - '..net-zero emissions..' - 'Towards Zero Pollution for Air, Water and Soil''..hydrogen-powered vehicles have been proven not to be as environmentally conscious..'Will The World’s Largest Oil Region Become A Hydrogen Hub?Germany Pumps $10 Billion In Hydrogen In Bid To Become Global Leader, May 28, 2021
Estimate: October, 2025 – Safire Plasma (fusion) Reactors commercially available – Abundance