Consultancy firm Deloitte highlighted in a 2023 report that the green hydrogen market could increase to $1.4 trillion annually by 2050. 

Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA), emphasized the importance of prioritizing local hydrogen production and usage over exports in light of this projection. He added that making hydrogen a major global export commodity is a medium to long-term outlook.

“Countries can drive economic growth through local sourcing and job creation and foster a comprehensive hydrogen value chain,” said La Camera at the World Hydrogen MENA 2024 conference.

He suggested hydrogen-producing nations follow the UAE’s example in prioritizing local use first. This specifically applies to utilizing low-carbon fuel as a catalyst for green industrialization, a goal the UAE aims to lead by 2031.

The country plans to use hydrogen to decarbonize its domestic industry. La Camera explained that the Gulf state only considers exporting hydrogen derivatives once domestic demand is met. Similarly, he said that prioritizing domestic use of hydrogen will build local expertise, catalyze lasting employment, and pave the way for a resilient and inclusive green hydrogen economy.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.