Low demand hampers the development of the hydrogen economy: Only 12% of plants have reliable orders.

Companies and governments worldwide plan to build almost 1,600 plants for hydrogen production, including green production. This year, Ukraine unveiled its Hydrogen strategy until 2050 legislation and is considered one of the priority partners in the EU’s future hydrogen economy. However, as Bloomberg writes, most hydrogen projects announced worldwide do not yet have a single customer willing to purchase the product. Only 12% of green hydrogen plants have customers with reliable contracts. Understandably, attracting financing for projects that do not predict demand is difficult. Many analysts believe the only way to decarbonize the steel, marine, and other industries is to convert them using green hydrogen. It is predicted that 390 million tons of hydrogen will be needed annually worldwide by 2050. The EU plans to produce 10 million tons of green hydrogen by 2030 while importing the same amount. Export projects face additional hurdles due to the need for a global hydrogen transportation system.