- Mitsubishi Heavy Industries’ executive, Emmanouil Kakaras, stresses the need for over $1 trillion investment in hydrogen fuel infrastructure in Europe and the US.
- Kakaras highlights government funding’s crucial role, citing European commitment of $750 billion and additional US support.
Mitsubishi Heavy Industries’ executive, Emmanouil Kakaras, has emphasised that hydrogen fuel infrastructure in Europe and the US requires a hefty investment of over $1 trillion. Kakaras highlighted the crucial role of government funding in transitioning from fossil fuels, noting European commitment of $750 billion and additional US support.
He projected that Europe would see increased hydrogen adoption by 2035, emphasising the need for US carbon capture and storage efforts to offset emissions. However, Saudi Aramco CEO Amin Nasser expressed scepticism, advocating a continued focus on reducing carbon emissions from oil and gas.
Nasser cited that hydrogen’s current cost ranges from $200 to $400 per barrel of oil equivalent, which is higher than that of conventional fuels, and questioned its viability.