Hydrogen is set to play a major role in the global energy markets over the coming decades, supplanting a large chunk of oil demand, according to Bank of America’s head of global thematic research.
Speaking to CNBC’s “Squawk Box Europe” on Friday morning, Haim Israel accepted that while oil and gas would still be needed going forward, it was nearing a peak in demand. “We think it’s peaking this decade, it’s soon — way sooner than what everybody thinks,” he said.
Israel listed several factors which would affect oil and gas going forward, including cheaper renewable energy, regulation and the electrification of cars.
“We believe that hydrogen is going to take 25% of all oil demand by…