Experts predict it could still take years before Gulf countries can produce green hydrogen at a cost competitive with fossil
Dubai, United Arab Emirates— After riding a fossil-fuel boom for decades, Gulf Arab states are eyeing “green” hydrogen as they try to transition their economies and ease the climate crisis at a stroke.
Despite this, the Gulf monarchies sense an opportunity to remain major players in energy markets as oil revenues fall. While fossil fuels create harmful greenhouse gases when they burn, hydrogen emits only water vapour. It is touted for potential use in high-polluting industries such as transport, shipping and steel.Wielding its massive investment capital, oil-rich Saudi Arabia is constructing the world’s largest green hydrogen plant at NEOM, the $500 billion futuristic megacity being built on the Red Sea.
“We believe hydrogen and its carrier fuels have great potential as new, low carbon fuels, that the UAE is well placed to capitalise” on, Balalaa told AFP.
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