The IEA's 2026 Global Hydrogen Review reports that low-emission hydrogen production reached 1 million tonnes in 2025, up 20% from 2024, but still only accounts for 1% of global hydrogen output. Investment momentum has slowed since mid-2025, with final investment decisions delayed and the project pipeline for 2030 shrinking by roughly a quarter to 27 million tonnes. Projects likely to come online by 2030 have dropped from 10 million tonnes to just over 6 million tonnes. Key barriers remain high costs, uncertain demand, complex regulations, and insufficient infrastructure. Only about 20% of new offtake volumes are backed by binding contracts, which developers cite as a major obstacle. China leads electrolyser installations at 75% of new capacity in 2025, but even there investment decisions are declining for the first time. Europe, North America, India, and Japan are making progress but face regulatory and incentive uncertainty. The IEA executive director notes that while low-carbon hydrogen can help diversify energy systems, much stronger policy support and faster deployment are needed. The report makes clear that current government targets for 2030 are increasingly unrealistic without major acceleration.
