Hydrogen Insights, 2024
Walking the talk: Seven-fold increase in investment for hydrogen projects reaching FID globally within
the past four years
The global hydrogen industry is nascent and facing challenges as it scales, however, looking at the development of the global hydrogen
industry since the first publication of Hydrogen Insights in 2021, the progress achieved thanks to the efforts of decision-makers in industry
and governments is undeniable.
Clean hydrogen3 projects that reached final investment decision (FID) have seen a dramatic increase from 102 committed projects in 2020,
representing some USD 10 billion in committed investment, to 434 in 2024, representing some USD 75 billion.
Key factors driving successful projects to FID include clear and effective incentives (e.g., 45Q tax credit in the United States), demand-side visibility that drives offtake (e.g., contract-for-difference instruments driving hydrogen demand for power production in Japan), and strong industrial policy driving cost down.
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