Annual global investments in green hydrogen are on track to exceed US$1 billion by 2023 as production costs fall and governments increase their support for the technology.
That is according to research firm IHS Markit, which says investment in electrolysis “is booming around the world” and forecasts operating capacity of more than 23GW to be developed by 2030.
Frederick Ritter, senior research analyst at IHS Markit, said that with green hydrogen’s potential to become a whole new sector of electricity demand, large-scale development of renewable generation will be required to support it, particularly in regions with high-quality clean energy resources.
