The pipeline of hydrogen projects is continuing to grow, but actual deployment is lagging.

680 large-scale project proposals worth USD 240 billion have been put forward, but only about

10% (USD 22 billion) have reached final investment decision (FID). While Europe leads in proposed

investments (~30%), China is slightly ahead on actual deployment of electrolyzers (200 MW), while

Japan and South Korea are leading in fuel cells (more than half of the world’s 11 GW manufacturing

capacity).

The urgency to invest in mature hydrogen projects today is greater than ever. For the world

to be on track for net zero emissions by 2050, investments of some USD 700 billion in hydrogen

are needed through 2030 – only 3% of this capital is committed today. Ambition and proposals by

themselves do not translate into positive impact on climate change; investments and implementation

on the ground is needed.

Joint action by the public and private sectors is urgently required to move from project

proposals to FIDs. Both governments and industry need to act to implement immediate actions for

2022 to 2023 – policymakers need to enable demand visibility, roll out funding support, and ensure

international coordination; industry needs to increase supply chain capability and capacity, advance

projects towards final investment decision (FID), and develop infrastructure for cross-border trade.