ITM Power PLC Committee on Climate Change Report
May 03 2019 - 2:00AM
RNS Non-Regulatory
TIDMITM
ITM Power PLC
03 May 2019
3 May 2019
ITM Power plc
("ITM Power" or the "Company")
Committee on Climate Change Report
Hydrogen to play a key role in reducing emissions
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to note the publication yesterday of the report of the
Committee on Climate Change ("CCC"), requested by the UK, Scottish
and Welsh Governments in light of the Paris Agreement and the
Intergovernmental Panel on Climate Change's Special Report in 2018.
The report, "Net Zero - the UK's Contribution to Stopping Global
Warming" ("the Report"), states that the UK can end its
contribution to global warming within 30 years by setting an
ambitious new target to reduce its greenhouse gas emissions to zero
by 2050. The Government is considering the report and is expected
to adopt its recommendations.
At the very start of the Report, it highlights, in a detailed 48
page section, the vital role that hydrogen could play to achieve
such a target. In Table 2.1 "Summary of net-zero implications for
energy system infrastructure" the Report predicts (depending on
load factor) between 6 GW (6,000 MW) and 17 GW (17,000 MW) of
electrolyser capacity to be required in the UK by 2050. This
implies an average build rate of up to 567MW of electrolysis per
annum for 30 years.
The Report highlights the importance of hydrogen in enabling the
UK to meet the targets: "The difference in the role for hydrogen in
our Core scenario (that would broadly deliver the UK's existing
emissions targets) and our Further Ambition scenario (required for
a net-zero emission target) is striking. Low-carbon hydrogen moves
from being a useful option to a key enabler. Updates to policy
alongside adoption of our recommended target should reflect
that."
The Report also covers the potential for hydrogen in reducing
emissions in heating and cooking, the use in industry of green
hydrogen, in fuel cell electric vehicles, in ports and in
agriculture.
The announcement from the CCC is available at:
https://www.theccc.org.uk/2019/05/02/phase-out-greenhouse-gas-emissions-by-2050-to-end-uk-contribution-to-global-warming/.
The full report is available at:
https://www.theccc.org.uk/publication/net-zero-the-uks-contribution-to-stopping-global-warming/
The Committee on Climate Change (the CCC) is an independent,
statutory body established under the Climate Change Act 2008. Its
purpose is to advise the UK Government and Devolved Administrations
on emissions targets and report to Parliament on progress made in
reducing greenhouse gas emissions and preparing for climate
change.
ITM Power CEO, Dr Graham Cooley, said: "ITM Power welcomes the
findings of this report, which highlight the many benefits that
clean production of hydrogen offers in eliminating carbon. We have
the experience and capability to help deliver the UK's carbon
reduction targets. Our products in energy storage, industry and
transportation sectors are already delivering benefits to forward
thinking customers in the UK and in many other parts of the
world."
For further information please visit www.itm-power.com or
contact:
ITM Power plc
Andy Allen, Finance Director +44 (0)114 244 5111
Investec Bank plc (Nominated Adviser and
Broker)
Chris Sim / Jeremy Ellis +44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / Nick Elwes / Barney Hayward +44 (0)20 7920 3150
About ITM Power plc
ITM Power manufactures integrated hydrogen energy solutions for
grid balancing, energy storage and the production of green hydrogen
for transport, renewable heat and chemicals. ITM Power was admitted
to the AIM market of the London Stock Exchange in 2004. In
September 2017 the Company announced the completion of a GBP29.4m
working capital fundraise. The Company signed a forecourt siting
agreement with Shell for hydrogen refuelling stations in September
2015 and subsequently a deal to deploy a 10MW electrolyser at
Shell's Rhineland refinery. The company entered into a Strategic
Partnership Agreement with Sumitomo Corporation in July 2018 for
the development of multi-megawatt projects in Japan. Additional
customers and partners include National Grid, Cadent, Northern Gas
Networks, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai, Anglo
American among others.
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END
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