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Europe and the U.S. may need to spend over $1 T to transition to H2

The transition to H2 fuel will require significant investment in infrastructure, with estimates suggesting that Europe and the U.S. will need to spend over $1 T to make it happen. This investment will help reduce costs and drive down demand for clean fuels. While European governments have already committed $750 B, the U.S. Inflation Reduction Act funding for H2 projects could help bridge the gap.

Emmanouil Kakaras of Mitsubishi Heavy Industries believes that this investment, combined with carbon capture and storage, could enable the transition to clean energy by 2035. However, Aramco CEO Amin Nasser argues that the focus should be on reducing carbon emissions from oil and gas rather than shifting to other energy sources and technologies.

Source: Oil & Gas News