Climate scenarios and extreme weather surprises strongly suggest that faster energy transitions are necessary IF we are to stay below a 1.8o Celsius rise by 2050 and bend our carbon curve. A review of efforts to decarbonize heavy industry with cleaner hydrogen involves significant capital investment, continued R & D, and a refiguration of our energy supply chains. Our current investment typology and funding structure – in spite of COP28 pledges — does not have the capacity to provide up to $13 trillion for hydrogen over the next five years, or more for our electrical grids. We need to configure a flexible – heterogenous — investment framework to accelerate our energy transitions. Much like the Marshall plan, a focused energy bank using clean hydrogen as an illustrative case study shows the investment funds required to build a more decarbonized world by 2035.
Keywords COP targets, IPCC assessments, energy transitions, financial risk mitigation, funding gaps, green and blue hydrogen, scenarios.