The International Energy Agency (IEA) has predicted just 2% of global renewable energy capacity will be dedicated to hydrogen production between now and 2027, with China expected to lead the charge.
IEA’s Renewables 2022 Analysis and Forecast to 2027 found that for 2022-2027, 50GW of renewable capacity will be used for hydrogen production, accounting for 2% of total renewable capacity growth, with China expected to lead the expansion, followed by Australia, Chile, and the US.
The report concluded, that the projected renewable capacity growth could be 80%, however uncertainty over securing hydrogen off-takers, and lack of clarity on regulation defining low-carbon hydrogen is likely to prevent projects reaching financial close.
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