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A hydrogen project

Platinum group metals market to rise 4.47pc by 2029

CAPE TOWN, June 21, 2024

The global market for platinum group metals (PGMs) – which include platinum, palladium, rhodium, iridium, osmium and ruthenium – will record a 4.47% increase between now and 2029, according to market research firm Mordor Intelligence. 
 
In part, market growth will come from growing demand for PGMs in green technologies, including hydrogen energy technologies, in turn generating opportunities across Africa’s mining and hydrogen value chains.
 
The Critical Minerals Africa (CMA) Summit, taking place from November 6 to 7 in Cape Town, will unpack the nexus between PGMs and green hydrogen and their evolving role within the African and global energy transition. 
 
Vital role
The continent is home to the world's largest PGM reserves, with South Africa alone possessing over 80% of global resources and Zimbabwe also holding substantial reserves. These metals play a vital role in fuel cell technology, enabling the production of electricity from hydrogen and oxygen. 
 
As African countries – including Namibia, South Africa, Mauritania and Egypt – intensify their green hydrogen activities, long-term PGM demand is expected to grow substantially, powering a wide range of applications from hydrogen fuel cell vehicles to stationary power generation to industrial processes.
 
Africa’s Green Hydrogen potential
The African continent holds substantial potential for green hydrogen production given its abundance of co-located renewable resources. According to the European Investment Bank, Africa has the potential to produce 50 million tonnes of green hydrogen per annum by 2035, which could help meet power, transportation and industrial energy needs, decarbonise heavy-polluting industries, as well as be used for global export.
 
Namibia represents a pioneer of green hydrogen on the continent, having secured billions in investment for green hydrogen projects from various investors, including the USAID, the Development Bank of Southern Africa and Japanese investment firm ITOCHU. Green energy firm Hyphen Hydrogen Energy is implementing a $10-billion project, with the capacity to produce 350,000 metric tonnes per year using 7 GW of renewable energy and 3 GW of hydrogen electrolysers. Last May, Belgian port operator Antwerp Bruges partnered with the Namibian Ports Authority to develop a €250-million ($268 million) hydrogen and ammonia storage facility at Walvis Bay Port to facilitate the transport of hydrogen to regional and global markets.  
 
Realising the potential of green hydrogen to drive regional energy security, South African tourism, trade and investment agency Wesgro signed an agreement last month with the Northern Cape Economic Development, Trade and Investment Promotion Agency, Namibia’s Environmental Investment Fund and infrastructure company Gasunie and Climate Fund Managers. The agreement paves the way for the parties to assess the feasibility of developing a green hydrogen corridor connecting the Western Cape and Northern Cape provinces of South Africa with Lüderitz in Namibia.--TradeArabia News Service
 



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