Global clean hydrogen momentum continues despite macro-economic headwinds; the number of announced projects grew by about 35% to over 1,400 from about 1,050 in January – and more than doubled compared to May 2022. Announced projects represent over USD 570 billion investments through 2030, with strongest growth in projects in FEED (investments up by 60%).
- Deployment continues, with more than 1 GW electrolysis capacity deployed globally (400 MW added this year) and a total of 12 GW having passed FID. Announced clean hydrogen supply globally has reached about 45 Mt p.a. through 2030. However, only 7% of investments in clean hydrogen overall have passed FID. Continued efforts are needed to foster the faster maturing of projects from announcement to deployment.
- Globally, higher CapEx, more expensive renewable energy and higher cost of capital pushed up costs of producing renewable hydrogen – with costs increasing by 30–65% in the past year. The outlook remains positive, with renewable hydrogen production costs expected to fall to 2.5 – 4.0 USD/kg H2 through 2030.
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