Predictions from DNV’s hydrogen forecast see Europe likely to have the gas as 11 per cent of its energy mix by 2050.

Globally it will be less prevalent, reaching only 5 per cent, but that translates as more than 200 million tonnes of hydrogen as an energy carrier, which is still a significant number.

By 2050, more than 70 per cent of hydrogen will be green. Owing to the energy losses involved in making green hydrogen - hydrogen is expensive and inefficient compared with direct electrification, DNV advocates that it should be used to replace coal and natural gas first, although there will be some overlap as hydrogen has other uses such as aviation, shipping, and high-heat industrial processes.

The UK is singled out as an example where hydrogen could be implemented faster and used more widely due to hydrogen can be delivered directly to end users by existing gas distribution networks.

Global spend on producing hydrogen for energy purposes from now until 2050 will be $6.8tr, with an additional $180bn spent on hydrogen pipelines and $530bn on building and operating ammonia terminals.

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