The report was published during the COP27 climate change summit in Egypt.
The first of these priorities, IRENA said, related to the decarbonization of "existing hydrogen applications." The second centered around using hydrogen in "hard-to-abate applications" like aviation, steel, shipping and chemicals.
A spokesperson for Hydrogen Europe, an industry association, told CNBC that IRENA was "correct that the deployment of large-scale infrastructure and energy production require large-scale investments, and it is true that it requires energy to produce, store and transport hydrogen." "On how to prioritise, we believe this should be done as much as possible through market instruments that properly value the CO2 emission savings and other aspects , so that consumers can make informed choices," they added.
It can be produced in a number of ways. One method includes electrolysis, with an electric current splitting water into oxygen and hydrogen.
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