Hydrogen deployment across the globe is moving more rapidly than ever before. This trend was unmistakable throughout 2020, but now we also have the numbers to substantiate the enthusiasm: as of early 2021, over 30 countries have released hydrogen roadmaps and more than 200 large-scale projects have been announced along the value chain.
Driven by global commitments to decarbonisation and a green recovery, as well as a continuing decline in renewable costs, the current environment provides a hotbed for cleantech innovation and industrial scale-up. The impressive number of hydrogen projects currently in the pipeline around the world can contribute significantly to achieving global climate targets and mitigate a considerable amount of carbon. If all 228 projects announced today are realised, total investments in hydrogen would exceed $300bn through 2030 – the equivalent of 1.4% of global energy funding.
This new level of maturity for hydrogen shows that we have hit an important threshold of realisation. The urgency to act on climate change has resonated across sectors and geographies, prompting substantial action on the ground to maximise hydrogen’s contribution to the decarbonisation of our economies. In the newly published Hydrogen Council Hydrogen Insights1 report, developed in collaboration with McKinsey, we investigate key market trends, the investment commitments of Hydrogen Council members, and the industry’s efforts to deliver the cost reduction benefits of industrial scale-up. This provides valuable guidance about the role that hydrogen will play as the industry continues to grow.
Strong policy signals trigger intense business activity
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