Hydrogen Insights 2022, published by the Hydrogen Council, explains why the world’s economy need hydrogen investment and development now more than ever.
As a result, it is more important than ever to put money into fully formed hydrogen initiatives. Our economies require clean [renewable] hydrogen, and action is needed to convert proposals into actual deployment,” the report stated, citing the rebound of carbon emissions to above pre-COVID levels, the invasion of Ukraine, and growing concerns around energy security as a result of the war in Europe.
According to the research, even while funding for hydrogen projects is increasing at a quicker clip than in prior years, the technology is still not widely used.
Six hundred and eighty proposals for large-scale projects totaling $240bn were submitted in 2022, a 50% increase from November of the previous year; however, only $22bn had progressed to the point where financial investment decisions may be made.
More than half of the 11GW worldwide fuel cell production capacity is located in Japan and South Korea. Europe accounts for 30% of these investments. China is marginally ahead on actual deployment of electrolyzers (200MW).
Investing in hydrogen today is only equivalent to only 3% of what will be needed by 2030, according to the analysis.
However, low-carbon hydrogen production is expected to reach 11.8 MTPA by 2030, while renewable hydrogen production is expected to approach 14.4 MTPA.