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Global Hydrogen Review 2025 Investment and innovation
Highlights Capital spending on low-emissions hydrogen projects reached USD 4.3 billion in 2024, an 80% increase from 2023. Based on recent final investment decisions (FIDs), spending could rise by more than 80% in 2025 to nearly USD 8 billion.In 2024, capital spending was almost evenly split between electrolysis and carbon capture, utilisation and storage (CCUS)-equipped hydrogen production. In 2025, electrolysis is expected to account for 80% of spending but only 56% of production from projects under construction, given its higher capital intensity.Investment in electrolysis-based projects is highest in China and Europe, while the United States allocates a larger share…
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Global Hydrogen Review 2026 Trade and infrastructure
…hydrogen storage projects could provide 11 TWh of capacity by 2035 (335 kt H₂), but just over 7% has reached final investment decision (FID) or is under construction, equivalent to 0.6% of the estimated throughput from committed low-emissions hydrogen projects. Large-scale salt caverns are in construction in the United States, Germany and China.Around 170 ammonia and 130 methanol port terminals are in operation. Ammonia leads among announced projects, but more methanol infrastructure is under construction, mainly linked to bunkering. In Japan, construction has started on the first commercial-scale terminal for liquefied hydrogen imports.Pipelines are often the lowest-cost…
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Global Hydrogen Review 2026 Investment and innovation
Capital spending on low-emissions hydrogen projects reached nearly USD 7 billion in 2025, nearly double the 2024 level and equal to 0.7% of global investment in energy supply. Investment in electrolysis overtook investment in carbon capture, utilisation and storage (CCUS)-based hydrogen, thanks to a stronger pipeline, higher capital intensity and faster project progress, and could account for around 70% of nearly USD 10 billion in investment in 2026.China and Europe lead committed electrolysis projects, with China accounting for more than 60% of capacity by 2026 and 25% of estimated investment. Europe represents less than 20% of capacity but 45% of…
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Breakthrough Agenda Report 2025 Hydrogen
…fuel prices.Electrolyser capital cost is expected to decrease through scale-up, innovation and improved manufacturing, but cost declines will depend on the pace of deployment Deployment Renewable and low-carbon hydrogen reached 0.8 Mt in 2024, making up less than 1% of global production.Based on projects with a final investment decision (FID), renewable and low-carbon hydrogen production can reach over 4 Mt by 2030, but they represent only 9% of all announced projects (up from 6% last year). Success statements Governments implement clear rules that set thresholds for acceptable levels of emissions for hydrogen producers and users to…
- Executive summary
- Power
- Hydrogen
- Road transport
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Global Hydrogen Review 2026 Policy
A total of USD 41 billion in public funding has been identified in policy updates made since the Global Hydrogen Review 2025 (GHR-25). Nearly two-thirds of this funding is linked to legislation in force and almost 25% has already been disbursed to projects, triggering final investment decisions (FID). As in GHR-25, most of the funding comes from advanced economies and for every dollar going to demand, about 1.5 dollars go to supply.The number of national hydrogen strategies has stabilised at 66 globally, and recent updates have focused either on implementing strategy actions (Brazil, Mauritania, Romania) or revising targets…
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Global Hydrogen Review 2025 Policies
…are now fully defined in Australia, Canada, Finland, Morocco and the United States.Certification is progressing, with the ISO standard on track to be fully in place by 2025/2026. This can serve as a guideline for countries that are still developing their schemes. India launched its certification scheme, and the European Union has now recognised schemes and certification bodies that can certify renewable hydrogen and ensure compliance with EU mandates.Infrastructure regulation has gained clarity, with several European countries defining the methodology for tariff-setting and cost recovery during early periods of low utilisation. Solutions include intertemporal cost allocation and subsidies.
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Global Hydrogen Review 2026 Demand
…remain the main sectors in which low-emissions hydrogen adoption is taking place. Based on projects that have at least reached a final investment decision (FID), 2.5 Mt is expected to be produced and consumed in refineries and industrial facilities by 2030.Fuel cell electric vehicle (FCEV) stock grew 20% in 2025, to almost 130 000, due to truck sales in China and a rebound of car sales in Korea. Policies in these countries are the main driver behind a projected tripling of stock by 2030, with trucks and buses accounting for around 60% and 30% of hydrogen use.In shipping…
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Global Hydrogen Review 2025 Executive summary
…compared with 49 Mtpa by 2030 when the Global Hydrogen Review 2024 was published a year ago. Potential production fell for both projects using electrolysis and those using fossil fuels with carbon capture utilisation and storage (CCUS), although electrolysis projects were responsible for more than 80% of the total drop. These delays and cancellations included early-stage projects across Africa, the Americas, Europe and Australia. At the same time, the number of projects that have received a final investment decision grew by almost 20% since the publication of the Global Hydrogen Review 2024 and now represent 9% of the total project…
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Unlocking Ukraine’s Hydrogen Opportunity: A Roadmap Executive summary
…The cost of reconstruction was estimated to have reached USD 524 billion by December 2024. Transport infrastructure is estimated to require nearly USD 78 billion, industry and commerce another USD 64 billion, and core energy assets USD 68 billion. At the same time, by December 2024, nearly USD 430 billion of bilateral support had been committed for Ukraine, two-thirds of which has already been allocated. About half is for purposes other than humanitarian or military. The European Union and its member states have been the largest donors.Hydrogen could create jobs and revenue, but would require massive investment. Every 2.5 Mtpa of hydrogen production could generate annual revenues of USD 18‑22 billion…
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Global Hydrogen Review 2025 Demand
…from a very low base – less than 1% of demand.Low-emissions hydrogen use increased by nearly 10% in 2024 but remains at less than 1% of total demand due to cost challenges and insufficient policy support. Policy initiatives in the European Union, Japan and Korea, and forthcoming measures from the International Maritime Organization (IMO) can accelerate ramp-up, but their impact will only be seen through implementation.Offtake momentum slowed, with signed deals covering 1.7 Mtpa H₂ in 2024, down from 2.4 Mtpa in 2023, only 20% of which were firm agreements. Tenders to procure low-emissions hydrogen yielded mixed results…