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Hydrogen investments surge amid uncertainty, reports IEA
Investment decisions for hydrogen projects have doubled in the past year, largely driven by China, according to a report released this week by the International Energy Agency (IEA). However, installed capacity and demand remain low as the industry faces ongoing uncertainties.
The rise in investment decisions signifies a fivefold increase in low-emission hydrogen production by 2030, with China accounting for over 40% of this growth in the last 12 months. This surge in investment is set to surpass even the rapid expansion of solar energy, as reported by Reuters.
Despite these developments, the progress made in the hydrogen sector is insufficient to meet climate targets, the IEA cautioned. Most projects are still in their early stages, and the agency noted that their pipeline is slowing due to funding obstacles, delays in incentive approvals, regulatory uncertainties, licensing and permitting issues, and operational challenges.
Global hydrogen demand is expected to rise by approximately 3 million tons in 2024, mainly concentrated in the refining and chemical sectors. Currently, this demand is predominantly met by hydrogen produced from fossil fuels without emissions capture, while low-emission hydrogen continues to play a marginal role, according to the IEA.
08.10.2024 / Editor, Andreea Dragan
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