The global hydrogen market is expected to significantly grow in the coming decades, with demand potentially reaching 580 million metric tonnes by 2050, driven by policies, regulations and drop in costs, according to Cornelius Matthes, Chief Executive Officer of Dii Desert Energy.

Dii Desert Energy, formerly known as ‘Desertec Industrial Initiative,’ was launched in 2009 in Germany for accelerating the energy transition in the Middle East and North Africa (MENA) region.

Participating in a Fireside Chat on the potential for green hydrogen in the region at the Middle East Energy event in Dubai, he said GCC countries should tap the potential by deploying local large-scale production capacities and develop hydrogen ecosystems.

“By doing so, they can generate annual revenues of up to $200 billion and one million jobs by 2050. In the short-term, the most attractive activity to localise for GCC countries are the electrolysers, which represent 20-40 percent of the total value chain cost.”

He also underlined that the MENA Hydrogen Alliance, under the Dii Desert Energy umbrella, is bringing together private and public sector players and academia to kick-start a green hydrogen economy based on low-cost value chains in the region and beyond. The Alliance currently includes 50 companies and organisations from 25 countries.

(Reporting by Bhaskar Raj; Editing by Anoop Menon)

(anoop.menon@lseg.com)