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- Contributor
Michelle Bachelet

Former President.
- Contributor
Yinglun Teng

Energy Analyst.
- Contributor
Bipasha Baruah

Former Analyst.
- Contributor
Vijay Vaitheeswaran

Global Energy and Climate Innovation Editor.
- Contributor
Corine Nsangwe Businge

Energy Efficiency Policy Analyst.
- Contributor
Chiagozie Udeh

Global Focal Point.
- Contributor
Ekta Bibra

Former Energy Technology and Transport Analyst.
- Contributor
Stephen J. Lee

Machine Learning and Energy Systems Researcher.
- Fuel report
- Sep 2025
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…
- Executive summary
- Progress summary dashboard
- Five key questions about hydrogen
- Demand
- + 6 pages
- Contributor
Stéphanie Bouckaert

Head of Demand Sectors Unit.

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