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Hydrogen Insights is the Hydrogen Council's regularly published perspective on the development of hydrogen production. It summarises the current state of the global hydrogen sector and the actual deployment of hydrogen. The report was produced by the Hydrogen Council in collaboration with McKinsey & Company and is based on a combination of public data and Hydrogen Council members' own data

The Hydrogen Council's latest analysis covers more than 1 500 projects worldwide. At the same time, the pace and scale of deployment will need to accelerate dramatically to meet global climate targets.

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Project overview December 2020 vs May 2024 Source: Hydrogen Insights

The Hydrogen Insights 2024 report, published in September, finds that while the global pipeline of projects has grown sevenfold since 2020, from 228 to 1,572 projects by May 2024.
In particular, the clean hydrogen projects that have achieved FID have also seen a sevenfold increase in investment commitments, from around US$10 billion in 102 projects in 2020 to around US$75 billion in 434 projects in 2024.

The latest data from October 2023 to May 2024 show a clear shift from project planning to implementation. Total reported investment up to 2030 has increased by around 20% - from $570 billion to $680 billion. The most significant increase has occurred in the more advanced stages of project development: post-FID investment has increased by a substantial 90%, followed by a 30% increase in FEED (front-end engineering design) projects.

Jaehoon Chang, CEO of Hyundai Motor Company and co-chair of the Hydrogen Council, said: "The fact that the amount of capital committed to hydrogen projects has increased sevenfold over the past four years is a sign of the progress being made in the sector. We are pleased to see the industry operating at this critical transition point, as the latest Insights report shows. Further action is also needed to ensure the availability and affordable supply of hydrogen, which will enable its widespread deployment."

Despite this progress, the hydrogen sector, like other clean energy sectors, is currently facing macroeconomic headwinds such as rising inflation and interest rates, as well as geopolitical tensions affecting energy markets. Sector-specific issues, such as regulatory uncertainty and rising costs of renewable energy and electrolysers, have delayed projects, especially renewable energy projects.

Ivana Jemelkova, Executive Director of the Hydrogen Council, said: "This report sends a clear message: hydrogen is happening. Now that hydrogen is a reality in the energy transition, it is time to significantly increase investment by 2030 to meet the mid-century targets. Armed with the concrete experience of the last four years, we urgently need to address the challenges in key markets and create a more favourable environment for project implementation."

Download the report (pdf)
The Hydrogen Council is a global initiative led by CEOs with a unified vision and long-term goals to accelerate the transition from hydrogen to clean energy. It brings together a diverse group of 140 companies from 20 countries in the Americas, Europe, Africa, the Middle East and Asia Pacific.