Friday 2 December 2022

Costa Rica studies entering the green hydrogen market

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2 December 2022 - At The Banks - BCCR

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QCOSTARICA – Green hydrogen could be an economic opportunity for Costa Rica, while studying the possibility of entering this market, through the energy division of the Inter-American Development Bank (IDB), the largest source of development financing for Latin America and the Caribbean, and the CRUSA Foundation (a non-profit based in San Jose).

Image for illustrative purposes

Green hydrogen is produced by the electrolysis (or decomposition) of water from electricity from renewable sources.

This process does not emit carbon dioxide and is considered as one of the country’s alternatives to help reverse the growth of greenhouse gas (GHG) emissions, promote economic development and create employment.

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The objective is that the studies lead towards a national strategy for green hydrogen that incorporates all market sectors, accompanied by a roadmap that describes the advantages, opportunities, and long-term benefits of this type of energy.

Costa Rica had already proposed that the state power and telecommunication utility, the Instituto Costarricense de Electricidad (ICE) produce this type of energy in 2019, for which two agreements had been signed with Siemens and Ad Astra Rocket.

Recently, Costa Rica’s state refinery, the Refinadora Costarricense de Petróleo (Recope) requested a tender for US$980,000  for the procurement of a vehicle hydrogen recharge unit. Although the company is not legally allowed to market hydrogen or any other alternative fuel, it can only acquire the equipment to understand hydrogen technology.

Javier Bonilla Herrera, the Vice-president of the Costa Rican Hydrogen Association (ACH2) told, “In my opinion, the green hydrogen economy in Costa Rica has taken the first step now, but foreign support will be critical for the success of this initiative.”

He pointed out that the Costarican Hydrogen Association, the Alliance for Hydrogen and the Ministery of Environment and Energy (MINAE), and other national organizations are working together to develop the hydrogen industry base.

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