MELBOURNE, Australia, Sept. 08, 2022 (GLOBE NEWSWIRE) -- According to Australia's top-rated auto recyclers, It Matters To You, who offer cash for cars Melbourne-wide, as the need for new energy sources becomes more critical, major players in the oil market and governments around the world are now heavily investing in green hydrogen. Over the coming decade, it is likely the price of this clean energy source will drop substantially.
It Matters To You says energy firms around the world have been producing hydrogen to use as fuel for years already but due to the high costs involved with green hydrogen projects, this eco-friendly alternative has often been overlooked.
Unlike grey hydrogen, which currently makes up the bulk of the hydrogen market and is produced by steam reforming of natural gas, green hydrogen uses renewable energy to split water into hydrogen and has significantly lower carbon emissions.
The technology currently required to produce green hydrogen is much more expensive when compared with other types of energy production, but that looks set to change.
In June this year, BP announced the purchase of a 40.5% stake in the Asian Renewable Energy Hub. This major renewable energy and green hydrogen project is set to be developed in Australia and has 'the potential to be one of the largest renewables and green hydrogen hubs in the world,' according to BP.
It Matters To You explains that the project is expected to produce 26 GW of combined solar and wind power, providing power in the Pilbara region of Western Australia as well as delivering hydrogen and ammonia for both national use and export. Eventually, the project will annually produce about 1.6 million tonnes of green hydrogen, contributing to BP's aim of becoming carbon-neutral by 2050.
With a number of other large-scale green hydrogen projects in the pipeline around the world, renewable energy looks likely to become a major green energy source in the coming decade.
Specialising in car removal Melbourne-wide, It Matters To You cares about the impact car wrecking has on the environment, thinking about where the waste of tomorrow may end up. To learn more about environmentally sustainable auto recycling, contact It Matters To You: 1300 365 221
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