China is set to establish a trading platform for green hydrogen and its derivatives, aiming to decarbonize the heavy-emitting shipping industry and lead the global hydrogen sector. The platform will focus on certifying and trading green hydrogen, methanol, and ammonia within China, with plans to expand globally, reports SCMP.
Green hydrogen
The Shanghai Environment and Energy Exchange (SEEE), Shanghai International Port Group, China Energy Investment Group, and Shanghai Lingang Economic Development Group have signed an agreement to develop this platform. Green methanol and ammonia, derived from green hydrogen produced through renewable energy electrolysis, are seen as essential for the shipping industry’s green transition, according to SEEE’s general manager Liu Jie.
China, the world’s largest greenhouse gas emitter, has ambitious targets for green hydrogen production, aiming to make it a key pillar of economic growth. The country has been actively developing infrastructure to support hydrogen fuel transport and storage for various applications, including transport, power generation, heavy industry decarbonization, and energy storage.
In April, China completed its first ship-to-ship green methanol transfer in Shanghai, highlighting its efforts to promote green fuels. International shipping and aviation, which significantly contribute to global carbon emissions, are expected to increasingly adopt hydrogen-based fuels. Currently, these fuels account for less than 1% of energy consumed in these sectors but are projected to rise to around 10% by 2030 and over 50% by 2050, according to the International Energy Agency (IEA).
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Source: SCMP
