The Hydrogen Council's 2024 Hydrogen Insights Report highlights significant advancements in the global hydrogen sector, but also underscores the need for more accelerated investment and clearer regulatory support to meet long-term climate goals. 

Key insights from the report include:

• Rapid growth in hydrogen projects: Since 2020, the global pipeline of hydrogen projects has grown seven-fold, from 228 to 1,572 projects. The total announced investment has also increased from $570 billion in October 2023 to $680 billion in May 2024, showing a clear shift from planning to implementation.
• Surge in Final Investment Decisions (FIDs): The number of projects that have reached the FID stage, where capital is committed, grew by 90%, representing a total of $75 billion across 434 projects in 2024. This is a significant increase from $10 billion across 102 projects in 2020, marking a move towards actionable project execution.
• Investment gap and risks: Despite this progress, there is still a $335 billion investment gap that could jeopardize the sector's ability to meet 2030 targets. Regulatory uncertainty, high inflation, and rising costs of renewable energy and electrolysers are key challenges that have delayed several renewable hydrogen projects.
• Market maturation and viability: The report points out that the global hydrogen industry is maturing, with natural attrition weeding out less viable projects, leaving room for more promising initiatives to move forward.

The Hydrogen Council emphasizes the need for greater collaboration between governments and industries to create favourable conditions, including regulatory frameworks and incentives, that will help drive further investments and ensure the hydrogen sector can achieve its full potential in the energy transition. 

NRF are proud to be Hydrogen Host Sponsors at this year's Gastech 2024 conference, demonstrating our commitment to building the hydrogen economy and facing some of the opportunists and challenges highlighted in the Hydrogen Insights 2024 report head on.