Natural Resources committee  As was previously stated, we are in an energy transition. Just because we produce more or less doesn't mean that the transition is going to happen by waving a magic wand. We are in a global energy transition. Canada is in an excellent position to make that transition. I think investments have to be made across the board.

Natural Resources committee  I believe that green hydrogen and blue hydrogen are complementary. Importing countries have needs, and Europe and California have announced theirs. Let's talk about transporting hydrogen to those importing countries. It takes 46 days to get from Saudi Arabia to the port of Rotterdam by ship.

Natural Resources committee  Mass transportation of hydrogen will reduce costs and put us in a strategic export position.

Natural Resources committee  In terms of the regional circular economy, we know that all Canadian provinces have tons of biomass with which to produce hydrogen. We will inject $70 million into Quebec's circular economy and eliminate 960,000 tons of greenhouse gases each year. If we increased the number of plants producing hydrogen from biomass by a factor of 10, we would reduce greenhouse gas emissions for all of Canada.

Natural Resources committee  I mentioned Rotterdam earlier—

Natural Resources committee  As I said in my statement, we consider that the hydrogen that H2 V Energies produces from biomass uses 5.25 times less electricity than any equivalent electrolysis process. From the outset, this allows us to make hydrogen much less expensive. We were wondering earlier, and I didn't really go into it, whether a green hydrogen molecule costs more than a grey hydrogen molecule.

Natural Resources committee  As additional information—

Natural Resources committee  Studies by Quebec's International Reference Centre for the Life Cycle of Products, Processes and Services, CIRAIG, as well as European studies released consecutively in spring 2020, show beyond any doubt that, all trends considered, globally, the cost of producing hydrogen is expected to reach $4 U.S. per kilogram by 2030.

Natural Resources committee  Mr. Chair, and ladies and gentlemen of the Standing Committee on Natural Resources, good afternoon. Thank you for having me here today. H2 V Energies is in business to become a world leader in the mass production of carbon-neutral green biohydrogen from renewable biomass as of the second quarter of 2024.