Offshore wind-driven green hydrogen: Bridging environmental sustainability and economic viability

This study investigates the environmental and financial implications of an offshore wind-driven green hydrogen generation system using Life Cycle Assessment (LCA) and Life Cycle Cost Analysis (LCCA) methodologies. Global Climate Models (GCM) are employed to predict wind speeds crucial for system efficacy, followed by sizing the electrolyser system based on projected offshore wind power output. As a result of this study, LCA utilizing the GREET 2023 reveals a Global Warming Potential (GWP) of 0.7 kgCO₂-eq./kgH₂ and 0.753 kgCO₂-eq./kgH₂ for GWP-20 and GWP-100, respectively. Fine Particulate Matter Formation (FPMF) is calculated as 0.24 gPM_2.5/kgH₂ for FPMF-20 and 0.53 gPM_2.5/kgH₂ for FPMF-100. In LCCA, under the base scenario, the Net Present Cost (NPC) and Levelized Cost of Hydrogen (LCOH) are estimated at $49.65 million and $4.36/kgH₂, respectively. Despite various incentives and tax scenarios explored, it is revealed that Internal Rates of Return (IRRs) fall below the anticipated cost of equity, indicating non-profitability.