The crisis on the global economy brought on by the war in Ukraine has accelerated the demand for green hydrogen in the Middle East and North Africa region, according to CEO of H2 Industries Inc., Michael Strusch, Al Arabiya reports.
According to the report, Strusch said the demand for green hydrogen in the MENA region skyrocketed in recent months due to Ukraine war.
"Actually, we are talking to most of the countries in the MENA region, even before the [Ukraine] war started so the demand for green hydrogen is there and it accelerated with the war, of course and the prices went up for green hydrogen," the CEO said.
"But this will be the main development in the next years and every country, not only in the MENA region, wants to produce and export green hydrogen so that is why we are talking with more than 30 countries right now around the globe, most of them in the MENA region and Africa," Strusch continued.
Green hydrogen is emerging as a particularly important energy source for the future, as the world works to shift towards greener and cleaner sources of energy.
"Green hydrogen will dominate the market and, in a few decades, we will only be talking about green hydrogen," the CEO said.
By 2030, green hydrogen will be cheaper to produce in oil-rich Middle East, according to energy statistic corporation, S&P Global.