{"text":[[{"start":7.26,"text":"The fallout from this year’s oil market shock has led governments around the world to take a fresh look at clean hydrogen, despite it being more expensive than conventional fuels, according to one of the industry’s biggest suppliers."}],[{"start":20.48,"text":"Air Liquide chief executive François Jackow said his Paris-based company had spoken with officials in the EU capital Brussels, France, the Netherlands, Japan and South Korea about using clean hydrogen as an alternative to fossil fuels since the US and Israeli attack on Iran sent oil and gas prices soaring."}],[{"start":41.64,"text":"Energy-importing countries collectively “overspent” more than $100bn on inflated fuel prices in the first two months of the conflict that began in February, he said, adding fresh urgency to the drive to reduce reliance on fossil fuels."}],[{"start":56.12,"text":"“Hydrogen is not only a way to decarbonise, but also a key element to ensure energy security,” Jackow told the FT. “The few billions necessary to really accelerate the hydrogen ecosystem seem small compared with the overall cost whenever there’s a crisis.”"}],[{"start":73.22,"text":"The overspend was made up of the rise in import bills for fossil fuels and the cost of relief packages such as tax cuts and subsidies, according to Air Liquide."}],[{"start":82.9,"text":"This is not the first time that an oil emergency has spurred greater interest in hydrogen. A hydrogen-fuelled Cadillac joined new US president Jimmy Carter’s inaugural parade in 1977 in the wake of the Arab oil crisis."}],[{"start":98.08,"text":"The Hydrogen Council annual report published on Thursday said $130bn had now been committed to clean hydrogen projects, 90 per cent of which were either being built or operational."}],[{"start":109.56,"text":"Two-thirds of the industry executives surveyed by the council agreed that energy security and resilience were the biggest drivers for renewed interest in the fuel."}],[{"start":118.76,"text":"Hydrogen is widely used in refineries to turn crude oil into fuels and to make fertiliser. It can also be used as a store of energy and to power vehicles."}],[{"start":128.08,"text":"Most hydrogen is produced from natural gas in a process that emits carbon dioxide. Cleaner forms are made either by capturing and storing the emissions or by using renewable power to split water into hydrogen and oxygen."}],[{"start":140.84,"text":"So-called green hydrogen is the most environmentally friendly version but also the most expensive to produce."}],[{"start":147.58,"text":"Clean hydrogen can allow countries to reduce their reliance on fossil fuels while supporting their deployment of wind, solar and nuclear generation."}],[{"start":155.36,"text":"“But also you cannot electrify everything,” Jackow said. “That’s where hydrogen is coming into play, for the hard-to-electrify industries” such as refining and transport, he continued, noting how South Korea was keen to deploy hydrogen to power its bus fleet."}],[{"start":171.64,"text":"However, more than half the currently planned clean hydrogen capacity is in China, according to the Hydrogen Council, with the industry stumbling in other countries owing to “persistent cost challenges”."}],[{"start":183.16,"text":"Jackow warned that China’s increasing focus could allow it to secure a dominant position unless Europe accelerated its plans."}],[{"start":190.96,"text":"“The world has seen the movie before, with electric vehicles,” he said. “We must build multiple supply chains, we need sovereignty and resilience.”"}],[{"start":203.29,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1789024220_4550.mp3"}