Hydrogen to help decarbonise the global economy; Pound under renewed pressure on rising Brexit jitters
• The Paris-based International Energy Agency (IEA) has described 2019 as a year of “unprecedented momentum” for hydrogen, with 50 policies or targets introduced globally to support its development.
• Snam and other gas infrastructure owners in Europe intend to raise the percentage of clean hydrogen used in future projects in the hope that it may one day replace natural gas entirely and secure the future of their assets.
• Transport companies view it as a possible solution for industries such as shipping or freight, or as an alternative to electric vehicles.
• Previous waves of enthusiasm for hydrogen were snubbed out because they were largely based on its use as a cleaner fuel for passenger cars at a time when oil prices were low. This time the potential uses of clean hydrogen are many. Planned schemes include powering ferries on hydrogen, using it as a replacement for natural gas in domestic boilers, power generation, and as a way of storing excess electricity produced by renewables. But some of the challenges of using hydrogen is highlighted such as costs. Will you be happy to pay more to save the planet?
• Britain’s currency dropped to $1.2154. It has shed 4.3 per cent since the end of June, leaving it on track for its worst month since October 2016 amid rising expectations in currency markets that the UK will drop out of the EU without a deal.
• Investors are increasingly anxious over the hard line pursued by Boris Johnson’s government over Brexit talks and his vow to pull the UK out of the EU by the end of October with or without a deal.
• The government’s new Brexit “war cabinet” of senior ministers met for the first time on Monday to ramp up preparations for a no-deal exit, amid expectations that chancellor Sajid Javid would release extra funding this week.