Thank you for the question.
It depends on what you mean by “compete”. If you're asking if it can compete with legacy fossil fuels, either oil or natural gas, I think the answer to that question in the short term is no. However, for jurisdictions that are focused on rapid decarbonization, we can only get so far with electricity directly. If we want to decarbonize sectors that are difficult to decarbonize with electricity, we're going to have to look at other options, and hydrogen and its derivatives become the best option for some of these other sectors.
Secondly, I would say that in many parts of the world, the 80% of countries in the world that are dependent on imported fossil fuels, energy security and resiliency are almost more important than decarbonization for them right now. They are really aggressively looking at how they can either diversify away from imported fossil fuels or, over the longer term, transition away from them.
Similarly, they're not so much looking at what the cost is of a barrel of oil or a gigajoule of natural gas. They're saying that if those aren't viable options, either for energy security reasons or for emission reduction reasons, they're really only looking at what is the best low-carbon option. In many sectors, hydrogen and its derivatives are their best option.