According to the Hydrogen Council's Global Hydrogen Compass 2026, committed investment to hydrogen has surpassed $130bn, corresponding to 6.9 Mtpa of committed capacity across more than 570 projects worldwide, 90 per cent of which are under construction or already operational.

Hydrogen then, is coming of age and can longer be regarded as simply hot air as shifting geopolitical priorities strengthen hydrogen's role in energy resilience and the push to electrification accelerates.

A new report, co-authored with McKinsey & Company, highlights industry progress alongside this changing strategic context. Over the past year, global operational capacity has nearly doubled and is expected to double again next year as projects under construction come online.

Geographically, China remains the largest market, accounting for more than half of global committed renewable hydrogen capacity. Europe now follows as the second-largest market, leading in project count and relative investment growth. The US continues to lead in low-carbon hydrogen deployment, accounting for approximately 75 per cent of global committed low-carbon hydrogen and ammonia capacity.

Jaehoon Chang, vice chair of Hyundai Motor Group and co-chair of the Hydrogen Council, said: "The debate has shifted from whether hydrogen can deliver to how fast countries choose to build. While the pace varies by market, the principle is the same: identify where hydrogen creates the most value, build the ecosystem around it and prove it works."

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