Engie’s strategic alliance with Masdar has already led to promising developments. Last year, the Abu Dhabi-based chemicals joint venture Fertiglobe signed an agreement with Engie and Masdar to collaborate on a green hydrogen facility in the UAE. The project, based in Al Ruwais, is expected to be operational by 2025, with a potential capacity of up to 200 megawatts. Engie and Masdar also entered into a $5 billion partnership to develop the UAE’s hydrogen economy and establish at least 2 gigawatts of capacity in the region by 2030.
Stephan Gobert emphasized the significant potential for hydrogen, especially in countries with ambitious decarbonization targets such as Japan, Korea, the European Union, and the United States. The global demand for hydrogen is expected to soar as economies and industries transition to low-carbon solutions to combat climate change. French investment bank Natixis predicts that hydrogen investments will exceed $300 billion by 2030.
Engie’s hydrogen strategy extends beyond capacity expansion. The company aims to establish over 100 hydrogen refueling stations worldwide and build approximately 700 kilometers of dedicated pipelines and storage capacity to bolster hydrogen infrastructure. Currently, Engie operates around 30 hydrogen refueling stations in Europe, with plans for 20 more installations. The company envisions the Middle East as a potential hydrogen exporter to the European Union, South Korea, Japan, and other countries, leveraging the region’s ample land and affordable renewable resources.
The UAE, alongside other countries in the region, is actively investing in renewable energy projects as part of its transition to a low-carbon economy. With significant investments in clean and renewable energy, the UAE aims to be among the top 10 hydrogen-producing countries globally, targeting a 25% market share of low-carbon hydrogen. The decreasing costs of hydrogen production, driven by technological advancements and the declining prices of renewable energy, are making it an increasingly viable and cost-effective solution.
Engie, with its extensive presence in 31 countries, continues to be a key player in the global low-carbon energy and services sector. The company’s strong first-quarter performance, reporting a 14% increase in net revenue compared to the previous year, reflects its commitment to sustainable energy solutions and its ambitious hydrogen agenda.
