The hydrogen industry has continued steady growth despite macroeconomic headwinds. Some 860 kilotonnes (kt) per annum of clean hydrogen supply is operational globally today, out of which about 710kt is low-carbon hydrogen primarily in North America, and the remainder is renewable hydrogen. The pipeline of mature hydrogen project proposals continues to grow, with over 1,400 projects now announced across the world. This cohort represents $570bn in cumulative investment that could yield 45 million tonnes of annual clean hydrogen supply by 2030 – an 18% increase from the prior year’s projections. Alongside project announcements, actual project execution is accelerating. Already, a quarter of mature project proposals with known commissioning timelines have cleared the critical final investment decision (FID) hurdle. Investments are maturing with $110bn in front-end engineering and design (FEED) and beyond (up from $75bn), marking 60% growth in investments undergoing FEED.

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