FOREWORD A Net Zero opportunity "Reduce our dependence on fossil fuels"… it only took effort to understand and educate. Ultimately the earliest a few months for what appeared to be a pious wish movers will reap the greatest rewards. carried by environmental defenders to turn into an emergency for all of us. The energy crisis today reminds None of this can occur in isolation. A deft effort is us that building a zero-carbon world is also an economic required to ensure that everyone moves in step. The time priority. This is one of the great challenges humankind for waiting, the time to be a follower, has passed. is facing. Hydrogen is now an essential part of the overall solution, the critical element which will replace The hydrogen economy we must create to reach Net the hydrocarbon molecules that fuel transportation and Zero demands infrastructure, which in turn requires industry. To ensure hydrogen fulfils its role in the world’s multiple investments. By their nature infrastructure extraordinarily ambitious 2050 goal, all stakeholders will developments of any type are large and long term. To have to collaborate, each bringing their critical stone to ensure the essential services they deliver are realized, the building. governments have a clear and well-practiced role: •Governments must enforce their Net Zero commitments • To create regulatory frameworks that provide visibility thoroughly and with open minds, whilst providing and stability to investors who in turn accept lower not only the necessary investments to make hydrogen return-on-capital requirements. Private investors have an an economic fuel for transportation and industrial important role to play in building new infrastructures processes, but also the regulation that will make and repurposing the existing ones. To do so, they need hydrogen feasible and acceptable. to be supported by public authorities. •Industrial organizations must decarbonize their • To frame regulation that ensures the ultimate users of the processes entirely, under their own roofs and also infrastructure realize value for money, and that investors along their supply chains. The initial cost of conversion do not take undue advantage of their monopolistic to hydrogen will not be inexpensive, but the medium- position. term rewards will be significant. •Financial institutions must channel investment into In the case of hydrogen, deployment must be accelerated businesses that foster the energy transition. This requires dramatically to reach Net Zero by 2050. Governments not only a commitment to act, but also an enormous possess powerful tools to speed the process, such as 8