This is Stephenson Harwood's fifth hydrogen quarterly insight, which is aimed at providing you with legal updates relevant to the industry and bringing you up to speed on some of the most exciting hydrogen developments in a number of key sectors.
For many UK hydrogen companies, the last number of months were extremely busy finalising and submitting their applications before the 12 October 2022 deadline for the Hydrogen Business Model and Net Zero Hydrogen Fund: Electrolytic Allocation Round 2022. We wish our clients and contacts the best of luck with their applications.
COP27 opened on 6 November 2022 in Egypt and hydrogen was once again high on the agenda as being critical for countries to implement the Paris Agreement.
The Hydrogen Council's "Hydrogen for Net Zero" report estimated that 660 million tonnes of renewable and low carbon hydrogen will be needed by 2050 to achieve Net Zero. Of particular note in the same report was that only 10% of proposed hydrogen investments have reached a final investment decision (FID), are under construction, or are already operational.
Members of Stephenson Harwood's hydrogen team, namely Jonathan Cripps and Cathal Leigh-Doyle, both spoke at The Hydrogen Decade Summit's conference in London in October 2022. It was clear from the discussions and presentations on the day that there is an increasing awareness amongst stakeholders that reasonable risk allocation in hydrogen projects is essential for early movers. Significantly, the overall sentiment of the conference was that hydrogen is well on its way and will only continue to grow. With the climate change warnings from COP27 being ever more stark, hydrogen clearly has a vital role to play. Snippets from the conference can be found here.
Grab a cup of coffee and let us quickly bring you up to speed on the most talked-about hydrogen developments over recent months.
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