EU opens new call for PCI, PMI energy infrastructure projects
Sep 18, 2024 15:49 CESTThe global pipeline of clean hydrogen projects is expanding and maturing, the Hydrogen Council said today, as 434 projects, representing some USD 75 billion (EUR 67bn), have reached a final investment decision (FID).
This marks a seven-fold increase in committed investment over the past four years, from USD 10 billion across 102 projects in 2020, and a 90% increase since the previous update, from USD 39 billion as of October 2023.
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According to the Hydrogen Council’s Hydrogen Insights 2024 report, co-authored by McKinsey & Company, the global project pipeline totals 1,572 as of May 2024, compared to 228 projects in 2020.
Between October 2023 and May 2024, total announced investments through 2030 have increased by about 20% -- to USD 680 billion from USD 570 billion.
“This report sends a clear message: hydrogen is happening. Now that hydrogen is a reality in the energy transition, it’s time to drive significantly more investment by 2030 to meet our mid-century targets,” said Ivana Jemelkova, CEO of the Hydrogen Council, a global CEO-led initiative.
Despite the progress, hydrogen faces macroeconomic headwinds, as well as sector-specific issues such as regulatory uncertainty and increasing costs for renewable power and electrolysers, which have led to project delays, the organisation said. Announced investments also remain behind the required net-zero pathways, it added.
(USD 1 = EUR 0.899)
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