The global hydrogen industry has surpassed USD 110bn in committed investment as more than 500 projects reach maturity, a new report has revealed.
According to the Hydrogen Council’s inaugural Global Hydrogen Compass report, co-authored with McKinsey & Company, this marks a $35bn increase since last year.
The report revealed that $110bn has been committed across more than 500 projects worldwide that are past final investment decision (FID), under construction, or already operational.
Since 2020, the sector has averaged a 50% year-over-year committed investment growth rate according to the report.
More than 1700 hydrogen projects have been announced globally since 2020, a 7.5-fold increase, while approximately 50 projects have been publicly cancelled in the past 18 months, representing about 3% of the total pipeline; most of them early-stage renewable hydrogen ventures.
Structural challenges, including persistently high interest rates and delayed policy implementation in some regions, are adding pressure to this selection process.
On the supply side, total committed capacity now exceeds 6 million tonnes per year (mtpa), including 1 mtpa already in operation. The current project pipeline could support up to 9-14 mtpa of clean hydrogen capacity by 2030, according to the report, but requires demand to materialise.
China is leading the world in total committed investments ($33bn) and renewable hydrogen production (over 50% of global renewable capacity), followed by North America ($23bn), which is also home to 85% of global low-carbon hydrogen production.
Europe ranks third in committed investment ($19bn), while accounting for nearly two-thirds of expected 2030 global demand.
Jaehoon Chang (pictured), vice-chair of Hyundai Motor Group and co-chair of the Hydrogen Council, said: “The Global Hydrogen Compass sends a strong message: our industry has entered the next chapter of build-out, moving from ambition to delivery.
“With more than 500 projects advancing past FID and investment commitments now exceeding $110bn, a $35bn increase from last year, we are seeing tangible proof of progress.
“This milestone also reminds us of the work ahead. To sustain this momentum and fully unlock hydrogen’s potential, consistent policy support and effective execution are essential in accelerating a clean, resilient and secure energy future.”