On August 29, the Energy Ministry held a meeting to discuss using hydrogen as a fuel source in Russia.
Switching to hydrogen would require annual investment of $20 to $25 bio all over the world. Russia’s hydrogen energy industry is expected to evolve between 2025 and 2035 and will need $2.2 to $3.9 bio a year – while it may also earn back $1.7 to $3.1 in revenue a year. By that time, the global hydrogen market will be worth $26 bio a year and will increase to $160 bio by 2040
Hydrogen is already produced on industrial scale, including in Russia. However, it is mainly used in oil refining, metal processing and the chemical industry.