Policy clarity and continued investment key to hydrogen sector growth
In an interview with Energy Connects, Hydrogen Council CEO Ivana Jemelkova shared her insights on the global hydrogen sector, detailed how small steps towards progress are signalling long-term success, and elaborated on the robust year-on-year investment growth the sector has experienced.
Could you walk us through the investment pipeline for the clean hydrogen sector? Your new report has just been released; what kind of committed investment are you seeing?
In September, we released the Global Hydrogen Compass, which provides both industry data and direct insights from around 70 CEOs surveyed for the study. The report highlights that the global clean hydrogen industry has now surpassed $110 billion in committed investment.
In 2025 alone, we’ve already seen a $35 billion increase, and over the last five years, a $100 billion increase in investment. This consistency indicates not just isolated progress, but a clear trajectory of industry maturity. China leads the race in investment with $33 billion committed by 2030, followed by North America with $23 billion.
Currently, more than 500 projects have advanced past Final Investment Decision (FID), with construction underway or operational, while delays and cancellations have impacted less viable projects. The trend is reminiscent of the early growth patterns seen in solar, wind, and battery technologies.
What are some of the structural challenges that might be adding pressure to the selection process of successful projects?
Headlines often focus on cancellations or delays, which can create noise and uncertainty. However, the numbers show that hydrogen is growing, maturing, and moving forward.
Challenges include high interest rates, costs of energy and equipment, and delays in policy clarity. When we look to 2030, about 8 mtpa of clean hydrogen demand could materialise in the EU, US, Japan, and Korea, but that requires existing policies to be implemented and enforced.
In the US, tax credits are now defined. Europe is outlining the impact of the Renewable Energy Directive (RED). In Japan and Korea, schemes and contracts are taking shape. Hydrogen’s importance has been underscored by business leaders, specifically for hard-to-abate sectors.
As the industry moves from ambition to delivery, what further policy support would you like to see?
Clear, practical, and predictable frameworks are necessary to give businesses the confidence to invest and plan for the long term. In Europe, while progress has been slower than in some regions, greater pragmatism and practicality could drive momentum. Additionally, global standardisation and technical rule clarity would make a major difference, with unified standards allowing for a shared language.
What would you like to see in the second edition of the Global Hydrogen Compass?
Continued growth. When climate goals were set in 2015, expectations were high. The hydrogen industry has averaged 50% year-on-year growth over the past five years. If that trajectory continues, alongside more projects reaching maturity, it will represent real success.
While sentiment in the sector has swung between optimism and pessimism, actual progress in global deployment, even if uneven, is the clearest sign of success.
Technology and AI are often described as enablers of growth in the energy industry. How do you see their role in hydrogen?
The rise of artificial intelligence and the growth of data centres create a natural opportunity for hydrogen. Beyond sustainability benefits, hydrogen offers flexibility and resilience, supporting this evolving demand.
The Hydrogen Council is engaging with members to explore these opportunities further, as we believe hydrogen can play an important role in enabling the next phase of energy innovation.
