Hydrogen generation could become a $1 trillion per year market, Goldman Sachs says

Hydrogen has an important role to play in any transition to net-zero and its generation could develop into a market worth over $1 trillion a year, according to Goldman Sachs.

“If we want to go to net-zero we can’t do it just through renewable power,” Michele DellaVigna, the bank’s commodity equity business unit leader for the EMEA region, told CNBC’s “Squawk Box Europe” earlier this week.

“We need something that takes today’s role of natural gas, especially to manage seasonality and intermittency, and that is hydrogen.”

Hydrogen has a diverse range of applications and can be deployed in a wide range of industries.

“It’s a very powerful molecule,” DellaVigna said. “We can use it for heavy transport, we can use it for heating, and we can use it for heavy industry.”