Don’t expect anyone to be the Saudi Arabia of green hydrogen: The ability to make hydrogen almost anywhere in the world will likely frustrate the aspirations of some nations to become the “Saudi Arabia of the green hydrogen era,” Bloomberg writes. The abundance of hydrogen’s raw materials globally makes shipping them over long distances unnecessary, as opposed to high-quality reserves of iron ore and crude oil, which are scarce. Hydrogen products can be manufactured nearly anywhere in the world, meaning they are usually consumed close to where they are produced. “Many countries may aspire to become the Saudi Arabia of the green hydrogen era. None will achieve that dream,” Bloomberg writes.

Companies need USD 7 bn to set up first nuclear fusion plants: Energy companies looking to set up nuclear fusion power plants will need to shell out around USD 7 bn to realize their targets, according to a new Fusion Industry Association report (pdf). Companies and state-sponsored labs spent USD 500 mn last year on their nuclear fusion supply chains, and will need to earmark USD 7 bn by the time their fusion facilities kick off operations with an extra potential ticket “USD tns” for the development of a mature nuclear fusion market, according to the report. The nuclear fusion market is expected to mature between 2035-2050, according to the survey of some 24 nuclear fusion developers.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Tyre makers are under pressure to find alternative production materials as countries look to regulate tyre emissions amidst rising tyre pollution. EVs are increasing the emittance of tiny particles from tyres due to their extra weight from batteries. (Reuters)
• The global refrigeration market is expected to nearly double in size before 2040 as climate-vulnerable countries like India and the Philippines increase their use of air conditioners to combat climate-induced extreme weather. (Bloomberg)