Hydrogen breaks investment records. According to new research released by the Hydrogen Council, there is more urgency than ever to increase investment in large-scale hydrogen energy projects.
The report, Hydrogen Insights 2022, was created in partnership with the renowned consulting firm McKinsey & Company. It notes that 680 large-scale hydrogen project proposals have been announced, representing a total of US$240 billion in direct investment between now and 2030, an increase of 50% since November 2021 alone.
The next move for businesses, investors, and governments is to fast ramp up final investment decisions (FIDs) in order to jump-start project construction and operations as soon as feasible in light of the significant uptake in hydrogen energy project announcements. Hydrogen breaks investment records.
According to the analysis, in order to achieve the 2050 net zero carbon emissions objective, investments in hydrogen projects must triple to US$700 billion by 2030, or an extra US$460 billion, in order to fully realize the climatic benefits of hydrogen.
The Council study continues by pointing out that the estimated investment in hydrogen for 2030 is less than 15% of what was put into upstream oil and gas over the previous ten years.