Abstract
Hydrogen energy is critical in replacing fossil fuels and achieving net zero carbon emissions by 2050. Three measures can be implemented to promote hydrogen energy: reduce the cost of low-carbon hydrogen through technological improvements, increase the production capacity of low-carbon hydrogen by stimulating investment, and enhance hydrogen use as an energy carrier and in industrial processes by demand-side policies. This article examines how effective these measures are, if successfully implemented, in boosting the hydrogen market and reducing global economy-wide carbon emissions using a global computable general equilibrium model. The results show that all the measures increase the production and use of low-carbon hydrogen, whether implemented alone or jointly. Notably, the emissions reduced by joint implementation of all the measures in 2050 become 2.5 times the sum of emissions reduced by individual implementation, indicating a considerable multiplier effect. This suggests supply and demand side policies be implemented jointly to maximize their impact on reducing emissions.
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