Aug 11 of 2021 Joule magazine commentary on the Hydrogen Earthshot program suggests that careful consideration of H2’s future infrastructure, including production, transportation, storage, use and economic viability, will be critical to the success of efforts to make pure H2 viable in on a public scale.
What are the priorities in the field of renewable energy sources in relation to the electrolysis production of green hydrogen? What best meets the requirements as a reliable, stable source, devoid of discontinuity, little dependent on external factors? The answer will be unequivocal. This is geothermal renewable energy, which can already be called the main driver in the formation of a two-component vector of green hydrogen and renewable energy sources for creating a hydrogen economy.
In a recent interview with CNBC, Enel CEO Francesco Starace said that “there is no competition for capital between hydrogen and renewables. Today hydrogen is a niche and it is a niche that needs to evolve into a commercial standard and large industry, with competitive prices.”:
A detailed discussion of programs for the use of geothermal energy as the basis for electrolysis production of green hydrogen should contribute to the revision of priorities in the use of types of renewable energy sources. Perhaps interspecific competition within the space of renewable energy sources will become the basis for a competitive battlefield for renewable energy sources, which ultimately will have a beneficial effect on the cost of green hydrogen.
The fields of geothermal energy sources are located in various very important points of the global economy and one can distinguish the European site with the possibilities of Iceland, Middle Danube Lowland, Rotliegend reservoir (Netherlands), East and Southeast Asia within the large geothermal massif “Tongonan” “South Negros” (Philippines ), Indonesia, Kuril Field (RF), all of them are highly rated according to the criteria of the Framework Classification of Resources of the United Nations Economic Commission for Europe. Each of these sites can become the basis for the formation of basic power generation from geothermal renewable energy sources for electrolysis of green hydrogen in seawater. Together with sites in America, Australia and New Zealand, they will form the basis of global centres for the production, transportation, storage, and use of green hydrogen.
The competitive environment, in addition to the purely technical features of the technologies of all components of the hydrogen economy, should create new concepts based on blockchain, network incentives, smart contracts with the creation of platforms of independent self-organizing digital ecosystems.
Blockchain technology makes it possible to use the basic principles of the project in any region of the world where at the moment there are unclaimed energy resources, the use of which is associated with various local restrictions. This flexible tool has absolute transparency of each financial transaction and solves the problems of the legal field, which eliminates the risks of financial losses, corruption component, gives the most efficient use of funds and will allow using this tool as a token platform, where the token:
1. A digital representation of the kilowatt-hour of electricity generated by a project that has been or will be supplied as a unit of work or energy.
2. The token is associated with a kilowatt hour and converts energy resource data into digital tokens on the blockchain. These energy resources will be obtained from renewable energy sources.
3. This is when all the allocated energy resources for transformation are generated from 100% clean renewable energy.
4. The token represents the equivalent of the total generation, distribution, energy use and valuation of this project, designed for mass use, will become the leading digital currency for the renewable energy grid.
5. This is a new model for the distribution of energy between generations and provides an excellent opportunity for communities to take a direct part in the renewable energy economy, create a new and dynamic energy company of the future, be together in the social promotion of clean, affordable electricity for all, create a new culture of attitudes towards use renewable energy.
6. It is a digital currency that enables currency exchange through transactions on the platform.
This framework can be used in relation to other available renewable energy sources and the creation on their basis of a single network of renewable and modern high-tech energy using cryptocurrency. It is possible that digital technologies will become successful in filling the so far vacant niche in hydrogen energy as a substitute for traditional money for digital currency and in line with the prospects for the formation of a global system of national, corporate digital currencies, can become a tool for investing in the further development of the hydrogen economy, while having a long-term guaranteed growth.