Harvard Case - Green Hydrogen in Chile
"Green Hydrogen in Chile" Harvard business case study is written by Tarun Khanna, Jenyfeer Martinez Buitrago, Mariana Cal. It deals with the challenges in the field of Business & Government Relations. The case study is 28 page(s) long and it was first published on : Oct 13, 2021
At Fern Fort University, we recommend that the Chilean government and private sector stakeholders collaborate to establish a comprehensive green hydrogen ecosystem. This should encompass a multi-faceted approach, including fostering innovation, attracting foreign investment, developing robust infrastructure, and implementing sustainable policies that prioritize environmental protection and social equity.
2. Background
This case study focuses on the potential of Chile to become a global leader in green hydrogen production. Chile possesses abundant renewable energy resources, particularly solar and wind power, making it an ideal location for green hydrogen production. The case study highlights the challenges and opportunities associated with this ambition, including the need for significant investment, the development of a supporting infrastructure, and the establishment of a favorable regulatory environment.
The main protagonists in this case study are:
- The Chilean government: Seeking to diversify its economy and become a global leader in green hydrogen production.
- Private sector companies: Seeking to invest in green hydrogen production and related technologies.
- International investors: Seeking to invest in Chile's green hydrogen sector.
- Environmental groups: Concerned about the potential environmental impacts of green hydrogen production.
- Local communities: Concerned about the potential social and economic impacts of green hydrogen production.
3. Analysis of the Case Study
This case study can be analyzed using a framework that combines economic, political, and environmental considerations:
Economic Considerations:
- Market potential: The global demand for green hydrogen is expected to grow significantly in the coming years, driven by the need to decarbonize various sectors like transportation, industry, and energy. Chile has the potential to become a major exporter of green hydrogen, leveraging its abundant renewable energy resources.
- Investment needs: Developing a green hydrogen industry requires significant investment in infrastructure, technology, and research and development. Attracting foreign direct investment is crucial, requiring a stable political environment, clear regulatory frameworks, and attractive incentives.
- Economic growth: Green hydrogen production can create new jobs, stimulate economic growth, and diversify the Chilean economy. However, it is vital to ensure that benefits are distributed equitably across different regions and communities.
Political Considerations:
- Government policy and regulation: A clear and stable regulatory framework is essential to attract investment and ensure the long-term viability of the green hydrogen industry. This includes policies addressing land use, environmental regulations, tax incentives, and intellectual property rights.
- International relations: Developing a global green hydrogen market requires strong international partnerships and collaboration. Chile needs to engage with other countries, particularly those with high demand for green hydrogen, to establish trade agreements and facilitate technology transfer.
- Political risk: Political instability and uncertainty can deter investment and hinder the development of a robust green hydrogen industry. Chile needs to address political risks through transparent governance, strong institutions, and a commitment to rule of law.
Environmental Considerations:
- Environmental sustainability: Green hydrogen production must be environmentally sustainable, minimizing its impact on land use, water resources, and biodiversity. Strict environmental regulations and monitoring are crucial to ensure responsible production practices.
- Social equity: The development of the green hydrogen industry should prioritize social equity, ensuring that benefits are shared fairly among communities and that potential negative impacts are mitigated. This includes addressing concerns about land displacement, water access, and potential environmental hazards.
- Climate change mitigation: Green hydrogen offers a significant opportunity to reduce greenhouse gas emissions and combat climate change. Chile's commitment to renewable energy and green hydrogen production can contribute to global climate change mitigation efforts.
4. Recommendations
To realize its green hydrogen potential, Chile should implement the following recommendations:
1. Foster Innovation:
- Public-private partnerships: Encourage collaboration between government, research institutions, and private companies to accelerate innovation in green hydrogen technologies.
- Incubators and accelerators: Establish dedicated incubators and accelerators to support the development of green hydrogen startups and entrepreneurs.
- Government-sponsored research and development: Invest in research and development to improve the efficiency and cost-effectiveness of green hydrogen production and utilization.
2. Attract Foreign Investment:
- Clear and stable regulatory framework: Develop a transparent and predictable regulatory environment that encourages foreign direct investment.
- Tax incentives and subsidies: Offer tax incentives and subsidies to attract investment in green hydrogen projects.
- Foreign direct investment policies: Implement policies that streamline the process for foreign investors to establish operations in Chile.
3. Develop Robust Infrastructure:
- Renewable energy infrastructure: Invest in expanding renewable energy infrastructure, particularly solar and wind power, to ensure a reliable supply of electricity for green hydrogen production.
- Hydrogen transport and storage infrastructure: Develop a robust infrastructure for transporting and storing green hydrogen, including pipelines, electrolyzers, and storage facilities.
- Port infrastructure: Upgrade port infrastructure to facilitate the export of green hydrogen.
4. Implement Sustainable Policies:
- Environmental regulations: Enforce strict environmental regulations to minimize the environmental impact of green hydrogen production.
- Social impact assessments: Conduct thorough social impact assessments to mitigate potential negative impacts on local communities.
- Corporate social responsibility: Promote corporate social responsibility among companies involved in green hydrogen production, ensuring they adhere to ethical and sustainable practices.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Chile's abundant renewable energy resources, its commitment to sustainable development, and its desire to diversify its economy align well with the development of a green hydrogen industry.
- External customers and internal clients: The global demand for green hydrogen is expected to grow significantly, creating a large market for Chilean producers. Local communities can benefit from job creation and economic development opportunities.
- Competitors: Chile faces competition from other countries with abundant renewable energy resources, such as Australia, Morocco, and Spain. To remain competitive, Chile needs to focus on innovation, efficiency, and cost-effectiveness.
- Attractiveness ' quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): The economic viability of green hydrogen production depends on factors such as the cost of renewable energy, the efficiency of electrolyzers, and the price of hydrogen. Government incentives and public-private partnerships can help to improve the financial attractiveness of green hydrogen projects.
- Assumptions: These recommendations are based on the assumption that the global demand for green hydrogen will continue to grow, that technological advancements will continue to reduce the cost of green hydrogen production, and that Chile will maintain a stable political and regulatory environment.
6. Conclusion
Chile has the potential to become a global leader in green hydrogen production. By fostering innovation, attracting foreign investment, developing robust infrastructure, and implementing sustainable policies, Chile can create a thriving green hydrogen industry that will benefit its economy, environment, and society.
7. Discussion
Alternatives not selected:
- Focusing solely on domestic consumption: While focusing on domestic consumption could create a domestic market for green hydrogen, it would limit Chile's potential to become a global leader in the industry.
- Delaying investment in green hydrogen: Delaying investment would allow other countries to gain a competitive advantage in the green hydrogen market, making it more difficult for Chile to catch up.
Risks and key assumptions:
- Technological risks: The technology for green hydrogen production is still evolving, and there is a risk that it may not become cost-competitive with other forms of energy.
- Market risks: The global demand for green hydrogen may not materialize as expected, leading to lower prices and reduced profitability for producers.
- Political risks: Political instability or changes in government policy could disrupt the development of the green hydrogen industry.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Foster innovation | Accelerate technological progress, enhance competitiveness | Requires significant investment, potential for technological risks |
| Attract foreign investment | Access to capital and expertise, stimulate economic growth | Potential for dependence on foreign investors, risks associated with political instability |
| Develop robust infrastructure | Ensure reliable supply of electricity and transportation of green hydrogen | Requires significant investment, potential for environmental impacts |
| Implement sustainable policies | Protect the environment and ensure social equity | Potential for regulatory burden, risks associated with enforcement |
8. Next Steps
- Establish a national green hydrogen strategy: Develop a comprehensive strategy that outlines Chile's vision for the green hydrogen industry, including specific goals, timelines, and investment plans.
- Create a dedicated green hydrogen agency: Establish a dedicated agency to coordinate government efforts to support the development of the green hydrogen industry.
- Launch pilot projects: Initiate pilot projects to demonstrate the feasibility and viability of green hydrogen production and utilization in Chile.
- Engage with stakeholders: Facilitate dialogue and collaboration among government, industry, academia, and civil society to ensure a shared understanding of the opportunities and challenges associated with the green hydrogen industry.
By taking these steps, Chile can position itself as a global leader in the green hydrogen industry and contribute to a more sustainable and prosperous future.
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Case Description
In 2020, the Chilean government wants to promote green hydrogen, a technology with high potential to help mitigate climate change. President Sebastián Piñera, aware of the country's advantages to produce green hydrogen competitively, asks Energy Minister Juan Carlos Jobet to elaborate a mission-oriented strategy to promote the technology. The strategy was to match the government's center-right orientation and the country's political and economic trajectory. Chile was often praised for its strong macroeconomic fundamentals and a sound policy framework. However, the country was facing social and economic disruptions given the Covid-19 pandemic, which added pressure to an already difficult political backdrop. Chile still struggled with unprecedented political uncertainty after social unrest in 2019 led to a wave of protests that forced the government to agree to a constitutional reform and greater social spending.
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