Slow permitting and higher costs could hamper green fuel’s potential to decarbonize hard-to-abate heavy industries
Air Liquide’s North Las Vegas hydrogen production plant. The company was among those that got part of the U.S. government’s $7 billion hydrogen hub grants.Hydrogen demand is set to rise sharply over the next two decades, but major bottlenecks such as long permitting times, higher equipment costs and lack of access to capital could slow growth in supply.
McKinsey identified three main bottlenecks: Higher costs, slow permitting and a lack of access to capital. While costs and interest rates have been rising, so, too, have government incentives for hydrogen. The World Platinum Investment Council estimates that up to $300 billion of subsidies have been made available for hydrogen-related projects, up from $50 billion two years ago. Last week,But the industry says more policy support is needed. “Regulators haven’t created a level playing field for hydrogen,” said Margery Ryan, market research manager of PGMs at British chemicals firm Johnson Matthey.
McKinsey echoed that sentiment, highlighting that investment for the supporting infrastructure such as pipelines is needed.
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