Japan allocates $3.4 billion to accelerate development of its hydrogen economy

May 24, 2021
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The funds will be used over the next 10 years and go toward two main initiatives: $650 million will go toward the development of electrolysis for local production of green hydrogen, while the remaining $2.8 billion will go toward the development of a large-scale supply chain for hydrogen. Japan has an ambitious goal of increasing its hydrogen demand by more than 1 million tons by 2030 (from a current 2 million tons today), and the size of the funding indicates the sheer cost of developing a hydrogen economy. Hydrogen storage and transport will be crucial for Japan's hydrogen economy, as it will rely on imports of cheap and low-carbon hydrogen from regions like Australia, the Middle East, and South America.

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