Last week, I was on a webinar when the following chart emerged as a forecast for decarbonization. I quickly thought of two things. First, an example from The Wall Street Journal, “Government often uses ‘catalytic tools’ such as regulation, tax incentives, grants, and loan guarantees to prompt innovation outside of government.” In other words, private equity and venture capitalists are not daft enough to shovel billions into hydrogen development. Only the government will do that. Hydrogen via electrolysis by renewable electricity supply can be done, but not cost-effectively. It will cost multiples of the price per million Btu of natural…
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