North America’s first hydrogen-powered train is now taking passengers — but the energy source has big problems. Here are 2 top hydrogen stocks if you’re bullish and 1 oil stock if you’re not
North America’s first hydrogen-powered train is now taking passengers — but the energy source has big problems. Here are 2 top hydrogen stocks if you’re bullish and 1 oil stock if you’re not Yahoo Finance
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North America’s First Hydrogen-Powered Train Takes Passengers
This report highlights the launch of North America’s first hydrogen-powered train, which recently carried 120 passengers on a two-and-a-half hour journey through central Quebec. The train, powered by hydrogen instead of diesel fuel, emits only water vapor. While this tourist route is temporary, the French manufacturer Alstom has already sold 41 hydrogen trains in Europe.
This project, supported by the Quebec government, is significant for clean energy enthusiasts and investors. It indicates the potential growth of the hydrogen power sector, considering the expected role of government policies in shaping its future.
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The Pros and Cons of Hydrogen Power
According to the U.S. Department of Energy, the U.S. currently produces 10 million metric tons of hydrogen, mainly for petroleum refining and ammonia production. However, the 2021 Infrastructure Investment and Jobs Act has allocated $9.5 billion for clean hydrogen energy production.
The U.S. National Clean Hydrogen Strategy and Roadmap predicts that by 2030, 10 million metric tons of clean hydrogen could be produced annually, doubling by 2040. The realization of these goals depends on various factors:
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Infrastructure: The hydrogen industry projects potential annual revenues of $2.5 trillion by 2050 if clean hydrogen scales globally. Hydrogen could be widely used in fuel cell electric vehicles (FCEVs), heavy-duty trucks, and more. However, the lack of hydrogen fueling stations is a major obstacle to growth, with only 58 stations in the U.S. compared to over 54,500 EV stations. Transportation and storage capacity also need to be expanded.
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Environmental Sustainability: Hydrogen fuel produces only water vapor as emissions, but greenhouse gas emissions remain a concern. The level of pollution generated during hydrogen fuel production depends on the method used. Green hydrogen, produced from low- or zero-emission sources like solar and wind, is preferable. However, the majority of hydrogen production in the U.S. comes from steam-methane (blue hydrogen). Nevertheless, transitioning from gasoline and diesel to hydrogen power can significantly reduce air pollution and help achieve climate goals.
- finance.yahoo.com
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