Company News Jul 15, 2021 4:52 PM
Siemens Energy’s Tim Holt spoke about the company’s commitment to green hydrogen and the role of Ecopetrol (NYSE: EC) in this process.
Holt told La Republica that producing hydrogen is more expensive than other energies, but there are alternatives to boost hydrogen development.
“One alternative is to put taxes on coal. You can also subsidize part of the hydrogen production. There are different mechanisms to help hydrogen development,” Holt said.
The expert said that Colombia has great potential to produce green hydrogen and export it.
“Europe does not have the resources to produce green hydrogen, so there is a policy to actively support countries like Colombia to create the opportunities to produce and export it,” Holt said.
He said that Siemens has been in talks with Ecopetrol, doing some pilots on this issue to speed up the process.
Holt explained that the development of green hydrogen is a medium and long-term plan.
“The projects are small and it is a process that will take three to five years to have a major application,” Holt said.
Holt highlighted that the region has great potential for energy generation with unconventional renewable sources, enabling Latin America to export energy to Europe in the medium and long term.
Bottom-Line: These alliances are key to advancing the energy transformation process. Oil companies like ECP play a key role in boosting new energy sources like hydrogen in Colombia.
The country has great potential in renewable energies, and it seems like Colombia is on the right track to boost it.