As of early 2021, over 30 countries have released hydrogen roadmaps and governments worldwide have committed public funding in support of decarbonisation through hydrogen technologies. No less than 228 large-scale projects have been announced along the value chain, with 85% located in Europe, Asia, and Australia. These include large-scale industrial usage, transport applications, integrated hydrogen economy, infrastructure, and giga-scale production projects. If all announced projects come to fruition, total investments will reach more than $300 billion in spending through 2030. Of this investment $80 billion can currently be considered “mature” – meaning that these projects are in the planning stage, have passed a final investment decision (FID), or are under construction, already commissioned, or operational.
Anticipating continued growth in scale, the report confirms that – from a total cost of ownership (TCO) perspective – hydrogen can become the most competitive low-carbon solution in more than 20 applications by 2030, including long haul trucking, shipping and steel. Two factors will be critical in achieving this result: first, it is essential that governments sustain their commitments to deep decarbonisation, backed by financial support, regulation and clear hydrogen strategies and targets, and translate these into long-term regulatory frameworks. Second, deployment approaches must target key “unlocks” such as reducing the cost of hydrogen production and distribution that will have the most significant impact on the rest of the industry.