In Belgium, The Hydrogen Council stated that the global clean hydrogen project pipeline is growing and maturing, with a sharp increase in projects reaching final investment decision (FID). In its Hydrogen Insights 2024 report, co-authored by McKinsey & Company, the council stated that while the global project pipeline has grown by a factor of seven since 2020 from 228 projects to 1,572 projects, as of May 2024, it has also matured, with a strong focus on advancing projects towards execution. Most notably, clean hydrogen projects that reached FID have also seen a seven-fold increase in committed investment, growing from approximately $10 billion across 102 projects in 2020 to some $75 billion across 434 projects in 2024. Total announced investments through 2030 have increased by approximately 20% – from $570 billion to $680 billion. The most notable growth has occurred in the more advanced stages of project development, with investments past FID growing by a remarkable 90%, followed by a 30% increase in front-end engineering design (FEED) stage projects, the report stated. Ivana Jemelkova, CEO of the Hydrogen Council, said: “This report sends a clear message: hydrogen is happening. Now that hydrogen is a reality in the energy transition, it’s time to drive significantly more investment by 2030 to meet our mid-century targets. Equipped with concrete lessons learned from the past four years, we must urgently address challenges in key markets and create a more favourable environment for project execution.”
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