- More than US$130 billion has been committed to clean hydrogen projects globally, representing 6.9 Mtpa of capacity across more than 570 projects.
- About 90% of committed projects are already under construction or operational, with global operational capacity expected to double again next year.
- China remains the largest market, while Europe is recording strong investment growth and the US leads in low carbon hydrogen deployment.
Global investment in clean hydrogen has surpassed US$130 billion as governments and industry place greater emphasis on energy security, economic resilience and industrial growth, according to the Hydrogen Council’s Global Hydrogen Compass 2026.
The report, produced with McKinsey & Company and informed by the views of around 70 global chief executives, tracks more than 570 clean hydrogen projects representing 6.9 Mtpa of committed capacity. Around 90% of these projects are already under construction or operational.
Global operational capacity has nearly doubled over the past year and is expected to double again next year as projects currently under construction enter operation.
The report says hydrogen is increasingly being viewed as a strategic tool for strengthening energy security and building more resilient economies, alongside its role in supporting industrial decarbonisation. Hydrogen is also expected to complement growing electrification and the increased use of renewable energy.
China remains the world’s largest market, accounting for more than half of global committed renewable hydrogen capacity. It has also accounted for 90% of the new operational capacity added globally since 2025.
Europe is the second largest market and leads in the number of projects. Investment in the region has increased by 35% since 2025.
The US continues to lead in low carbon hydrogen deployment, accounting for approximately 75% of global committed low carbon hydrogen and ammonia capacity.
The report identifies policy and infrastructure as key factors determining whether hydrogen projects progress from development to construction and operation.
Existing policies could unlock around 11 Mtpa of clean hydrogen demand by 2030. However, only about 6 Mtpa is currently supported by policies that have been enacted and enforced, leaving approximately 5 Mtpa dependent on further government action.
The Hydrogen Council says policymakers should focus on implementing effective incentives and mandates, supported by carbon pricing mechanisms that create clear demand signals.
For industry, the priority is to meet emerging demand at competitive costs while reducing production costs and developing the infrastructure required to support wider hydrogen deployment.
Hydrogen Council CEO Ivana Jemelkova said robust market data and practical experience from companies delivering projects are needed to understand the industry’s progress and identify the actions required to support further deployment.
The Global Hydrogen Compass 2026 was launched through a global virtual event featuring Hydrogen Council Co Chairs and chief executives from Baker Hughes, CF Industries, Port of Rotterdam and Sinopec. Its findings were also presented at the Hydrogen Energy Ministerial in Japan.
Author: Bryan Groenendaal
