“Indian oil corporation to deploy 50 buses around the capital powered by a blend of hydrogen and CNG”, Chairman Shrikant Madhav Vaidya said. The fleet is to serve the public and is planned to start as soon as this year, potentially creating a new market for producer trying to rebound from its first annual loss in at least 20 years.
Hydrogen is versed as a fuel of the future and has been praised as a key to fight climate change by energy enthusiasts all over the world. “Hydrogen seems to be the most disruptive and has the potential to grow 10 times between now and 2050”, said Giovanni Serio, global head of research at Vitol Group. ”It could be the one to solve the problem of storing energy and also addressing later the demand from the transportation sector.”
According to a report by BloombergNEF, nearly $11 trillion of investment in production, storage and transport infrastructure is needed for hydrogen to meet about a quarter of the world’s energy needs by 2050.
Hydrogen is considered advantageous in many ways because of its high energy density, the flexibility of production sources, a wide range of applications, and no greenhouse emission, but there are some downsides as well. As the current production methods are polluting and the explosion of hydrogen tanks in South Korea and Norway last year have brought up safety concerns as well.
That aside, IOC isn’t the only one to look hydrogen as the future, China-based, Sinopec will integrate hydrogen into its retail fuel stations around Beijing and Norway’s Equinor ASA is building a large carbon capture and storage facility that could be a source of hydrogen. So, it can be concluded that soon hydrogen is to be seen in the energy sector as a brand new commodity and will play a visible role in the transition of the energy sector.
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