Tracking Green Hydrogen Projects — Overview: Over 1,500 Green Hydrogen Projects Announced Across 70 Countries

The Hydrogen Council's "Hydrogen Insights 2024" report reveals a significant expansion in the global hydrogen industry, with over 70 countries announcing 1,572 clean hydrogen projects, a more than sixfold increase from the 228 projects in 2020. These projects plan electrolyzer capacity exceeding half a terawatt, with a total value of approximately $680 billion, but only $75 billion has reached final investment decision (FID), indicating that project implementation progress still needs acceleration.

Regionally, Asia and the Middle East are the most concentrated areas for green hydrogen projects, with China accounting for about half of the global installed electrolyzer capacity. Among these, the Sinopec Xinjiang Kuqa Green Hydrogen Plant has commenced operation, utilizing a 260 MW renewable power electrolyzer to supply hydrogen to refineries. It is the world's largest green hydrogen facility and serves as a critical foundation for China's plan to exceed 100 GW of electrolyzer capacity by 2030. Flagship projects in Saudi Arabia, the US, and Europe are leading construction efforts. For example, Saudi Arabia's NEOM project uses 4 GW of wind and solar power to drive a 2.2 GW electrolyzer, producing approximately 600 mt of hydrogen per day, and completed financing for construction in 2023. The US ACES Delta project combines a 220 MW electrolyzer with 300 GWh of underground salt cavern storage, reaching FID in 2022. Europe has over 400 projects concentrated in countries such as Germany, Spain, France, and the Netherlands, with projects like Shell's Holland Hydrogen I advancing, while emerging projects like Hyphen in Namibia and Haru Oni in Chile reflect geographical diversification.

However, the industry still faces multiple challenges, with cost, infrastructure, and offtake issues being prominent. Trafigura's Port Pirie project in Australia was suspended due to cost overruns and lack of commercial offtake agreements, while the Whyalla hydrogen project was canceled following the closure of the steel plant. In Europe, only 4% of announced capacity is under construction, with some projects delayed due to equipment shortages and slow approvals. Currently, operational projects globally are limited. Apart from the Xinjiang Kuqa plant in China, only a few projects, such as the Puertollano plant in Spain and the Haru Oni pilot in Chile, are in operation. Overall, the industry is in the initial stage of industrial-scale green hydrogen production, laying the foundation for future global clean energy commodity trade.