The global clean hydrogen project pipeline has expanded seven-fold from 228 to 1,572 projects between 2020 and May 2024, according to the Hydrogen Council and McKinsey & Company.
Projects reaching final investment decision (FID) saw a seven-fold increase in committed investments, rising from USD 10 billion in 2020 to USD 75 billion in 2024.
Total announced investments through 2030 have grown by 20%, from USD 570 billion to USD 680 billion, with a notable 90% increase in investments past FID.
Despite this momentum, the global pace and scale of deployment must accelerate significantly to meet urgent climate goals. The report indicates a 20% increase in total announced investments through 2030, now estimated at USD 680 billion.
Notably, there has been a 90% increase in investments past FID, highlighting a strategic shift from planning to implementation, as the industry matures by prioritizing high-potential projects and eliminating less viable ones—a pattern reminiscent of early developments in the wind and solar sectors.
In a rapidly evolving landscape, the global clean hydrogen sector is experiencing remarkable hydrogen growth and maturation, signaling a transformative shift in the energy industry.
According to the Hydrogen Insights 2024 report, co-authored by the Hydrogen Council and McKinsey & Company, the clean hydrogen project pipeline has increased seven-fold since 2020, reaching an impressive 1,572 projects by May 2024. This surge is accompanied by a substantial rise in committed investments, jumping from USD 10 billion to USD 75 billion for projects that have reached the final investment decision (FID).