The clean H₂ sector has reached a major milestone, with $110 B in investment now committed across more than 500 projects worldwide that are past final investment decision (FID), in construction, or already operational; a $35 B increase since last year. Since 2020, the sector has averaged a 50% year-over-year committed investment growth rate according to the Hydrogen Council's inaugural Global H₂ Compass report, co-authored with McKinsey & Company.

This progress is accompanied by natural attrition, as projects with the strongest business cases advance and less viable ones are withdrawn, demonstrating continued maturation across the industry. Since 2020, more than 1,700 H₂ projects have been announced globally, a 7.5-fold increase, while approximately 50 projects have been publicly cancelled in the past 18 months, representing about 3% of the total pipeline; most of them early-stage renewable H₂ ventures. Structural challenges, including persistently high interest rates and delayed policy implementation in some regions, are adding pressure to this selection process.

On the supply side, total committed capacity now exceeds 6 MMtpy, including 1 MMtpy already in operation. After accounting for delays and expected attrition, the current project pipeline could support up to 9 MMtpy–14 MMtpy of clean H₂ capacity by 2030, but requires demand to materialize, and unlocking it is the next big challenge. On the demand side, about 3.6 MMtpy of binding offtake has been secured. As policy clarity emerges in key markets such as the EU, U.S., Japan and Korea, up to 8 MMtpy of clean H₂ demand could materialize by 2030.

China is leading the world in total committed investments ($33 B) and renewable H₂ production (over 50% of global renewable capacity), followed by North America ($23 B), which is also home to 85 % of global low-carbon H₂ production. Europe ranks third in committed investment ($19 B), while accounting for nearly two thirds of expected 2030 global demand.

The Global H₂ Compass builds on the Hydrogen Council's H₂ Insights series, first launched in 2021, to offer a clear, fact-based view of the state of the global H₂ industry. For the first time, the publication combines comprehensive industry data with direct perspectives from global CEOs and lessons learned from some of the world's most significant H₂ projects. It sends a message of confidence, clarity and urgency from industry leaders: despite a challenging environment, the majority of surveyed CEOs report stable or increased investment appetite over the last two years (74%), believe that H₂ will be a critical decarbonization solution for hard-to-abate sectors (97%) as well as across the broader economy (65%), and expect industry growth to continue (83%).

Jaehoon Chang, Vice-Chair of Hyundai Motor Group and Co-Chair of the Hydrogen Council, said "The Global H₂ Compass sends a strong message: our industry has entered the next chapter of build-out, moving from ambition to delivery. With more than 500 projects advancing past FID and investment commitments now exceeding $110 B, a $35 B increase from last year, we are seeing tangible proof of progress. This milestone also reminds us of the work ahead. To sustain this momentum and fully unlock H₂'s potential, consistent policy support and effective execution are essential in accelerating a clean, resilient and secure energy future."

Sanjiv Lamba, CEO of Linde and Co-Chair of the Hydrogen Council, said, "The industry has made strong progress over the past five years, demonstrating its ability to innovate and scale. The Global H₂ Compass report shows we are now at a pivotal juncture: accelerating market creation and securing binding offtake agreements must become the priority to ensure today's projects deliver real impact. Achieving this will require stronger collaboration between business and government to build the frameworks and partnerships essential for progress. By aligning our efforts, we can unlock the full potential of H₂ to meet the challenges ahead."

Ivana Jemelkova, CEO of the Hydrogen Council, said, "Bringing together direct perspectives from global CEOs, robust industry data, and insights from some of the world's key H₂ projects, our inaugural Global H₂ Compass report shows the industry's steady growth trajectory over the last five years and provides the clarity and confidence businesses, investors, and policymakers need as we enter the next phase of build-out."