Green hydrogen is a critical fuel of the future to reach net-zero as hydrogen demand, adoption of clean technologies and economic opportunity continue to increase.
A recent McKinsey study estimated that the U.S. hydrogen economy could generate $140 billion and support 700,000 jobs by 2030. Similarly, a report by the Hydrogen Council estimates that 18% of the world energy market will consist of hydrogen by 2050. Hydrogen as a future fuel is both a promising and critical energy source to reach net-zero.
Globally, as of 2020, the hydrogen market was valued at $900 million and is expected to reach $300 billion by 2050. As of 2021, companies around the world have formed alliances to increase production of the fuel fifty-fold in the next six years The hydrogen market could be worth over $1 trillion a year by 2050 according to Goldman Sachs
Global momentum is building as governments and companies incorporate green hydrogen into their decarbonization strategies. Nine countries – which cover around 30% of global energy sector emissions today – released their national strategies in 2021-2022.