Committee on Climate Change Report
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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