From hype to fundamentals: what the first wave of hydrogen projects tells us

The Hydrogen Council’s 2025 industry report marked a step change in tone as the CEO-led industry body took stock of the industry’s first wave of clean hydrogen projects.

With more than $110bn committed across 510 projects, the sector is moving towards widespread implementation. Yet the report also highlights a growing divide between projects with credible business cases and those flaring amid policy uncertainty, cost pressures, and weak offtake.

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