Correlation between major economic indicators and green hydrogen production in the EU

Lejnieks, Ilgmārs; Pelše, Modrīte

Correlation between major economic indicators and green hydrogen production in the EU

2024

Lejnieks, Ilgmārs | Pelše, Modrīte

The European Union’s Green Deal agenda emphasises the major importance of cleaner and more environmentally friendly energy sources for further economic development. Hydrogen is one of the potential renewable fuels that can replace fossil fuels in a variety of economic applications. The green hydrogen production across Europe is a key factor in achieving this goal. The aim of the study is to determine the influence of the connection between the availability of renewable energy sources, innovation, and economic development patterns on hydrogen production advancement. The research provides a comprehensive correlation analysis between the number of green hydrogen production sites and their capacity with statistical indicators describing economic growth, population, innovation, and particular economic characteristics within a particular EU Member State. The statistical data of this research outline the period from 2021 until the beginning of 2024. The results of the study suggest that nine of the 23 indicators examined – population size, gross domestic product, investment in research and development, total manufacturing value, overall industry value, total electricity produced, renewables in electricity production, solar power, and wind power in electricity production – have a strong or very strong positive correlation with hydrogen production. Furthermore, the analyses revealed that countries with large populations and high GDP volumes are more likely to develop hydrogen production in existing market circumstances.

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