We believe strongly that hydrogen will be a clean source of energy for the future. Hydrogen will power applications that cannot use electricity directly. That is, we believe hydrogen will be the energy of choice to power heavy trucks, trains, ships, planes, and heavy industry such as steelmaking and chemicals.
We do have the technologies required to make all three forms of hydrogen―that is, gray, blue and green―and we have already announced world-scale, multi-billion-dollar projects to make blue hydrogen in Alberta, Canada and green hydrogen in NEOM, Saudi Arabia.
The key to accelerating the production of clean hydrogen is to generate demand for it. That is why we believe the principal focus of the government programs should be to encourage consumers and industry to use clean blue and green hydrogen by providing incentives for them to do so. The Low Carbon Fuel Standard (LCFS) implemented by the state of California is a good and effective example of what can be done.
If policies and incentives increase demand, then producers like Air Products have the technologies and the capability to meet the growing demand. And as the demand increases, the production costs will naturally come down.