《2025年全球氢能指南报告》由氢能委员会与麦肯锡联合发布，聚焦全球清洁氢能产业发展现状、首批成熟项目经验及未来趋势，为行业参与者提供战略参 考。报告显示，氢能产业已度过初期炒作阶段，进入以务实落地为核心的成熟化周期，政策支持与需求确定性成为行业规模化的关键驱动力。 全球氢能产业投资与项目规模持续扩张。截至2025年，全球清洁氢能已承诺投资超1100亿美元，较去年增加350亿美元，年复合增长率超50%，覆盖510个已 完成最终投资决策、在建或运营的项目。全球项目管线累计达1700余个，已形成600万吨/年的承诺产能，其中100万吨/年已投入运营。预计经项目延迟与淘 汰调整后，2030年全球清洁氢能可行产能可达900-1400万吨/年，但最终落地规模取决于需求兑现情况。 区域发展呈现差异化格局，中国与北美领跑全球。中国在可再生氢能电解槽部署方面居世界首位，占全球承诺产能的55%，依托顶层政策引导、国有资本支 持及低成本融资优势，项目规模普遍为欧美同类项目的4-10倍，主要服务国内氨生产、炼油与电力等领域需求。北美则主导低碳氢能（天然气制氢+碳捕 捉），占全球相关产能的85%，凭借低成本天然气、现有碳捕捉与出口基 ...

韩国《今日财经》12月4日报道，韩国政府为达成2040年全面关停燃煤电厂并实现2035年国家温室 气体减排目标（较2018年削减68.8%至75.3%）的计划，正推动长期依赖煤炭的五大发电公企（南东、 南部、中部、西部、东西发电）加速业务重组。这些公司的战略核心正从煤电全面转向可再生与清洁能 源，在国内积极扩大海上风电、太阳能、清洁氢能及储能系统（BESS）的投资与布局，同时在海外中 东、东南亚及北美等地开拓新能源业务。为提升转型效率与运营竞争力，各企业也纷纷引入人工智能 （AI）等创新技术，以优化电力系统管理与资产运营。 在"2040全面退煤"与"2035年温室气体减排68.8%至75.3%"的国家目标驱动下，韩国五大发电公企 （南东、南部、中部、西部、东西发电）正加速推进具体战略转型：南东发电提出"2040未来路"愿景， 目标将70%以上装机转为新能源；南部发电在"2035战略"中明确20TWh无碳发电与3000MW能源转化规 模；中部发电计划2035年前实现30%电量来自可再生能源，并发展虚拟电厂与长时储能；西部发电通 过"RE4040"战略将可再生能源比重提至40%；东西发电则目标在2040年前将无碳 ...

Core Insights - The global clean hydrogen sector is experiencing significant growth, with over 500 projects reaching maturity and attracting more than $110 billion in investments, marking a $35 billion increase from the previous year [1] - The industry has seen a 7.5-fold increase in announced hydrogen projects since 2020, indicating a maturation process where viable projects advance while less feasible ones are canceled [1][2] Investment and Capacity - Currently, the committed clean hydrogen projects have a total capacity exceeding 6 million tons per year, with 1 million tons already operational [2] - By 2030, the project reserves could support a clean hydrogen capacity of 9 to 14 million tons per year, despite potential delays and expected capacity losses [2] Demand and Market Dynamics - Approximately 3.6 million tons per year of clean hydrogen have been secured for binding procurement, with a potential demand of up to 8 million tons per year by 2030 as major markets clarify their policies [2] - China leads the world in hydrogen projects with a total investment of about $33 billion, accounting for over 50% of global renewable hydrogen production [2] Industry Confidence - Despite structural challenges, the industry remains optimistic about the future of hydrogen, with 74% of surveyed companies indicating stable or increased investment intentions over the past two years [2] - A significant 97% of companies believe hydrogen will be a key decarbonization solution for hard-to-abate sectors, and 83% expect continuous growth in the industry [2]

Core Insights - The global hydrogen energy sector is experiencing significant project cancellations and delays due to insufficient demand, high costs, and strategic adjustments by companies [1][2][3] - Major developers are reassessing their commitments made during the industry's optimistic early phase, focusing on core businesses and reducing high-risk hydrogen investments [1][2] - Government support is crucial for bridging the cost gap and aiding early adopters in the hydrogen sector, as many projects rely heavily on subsidies and public funding [2][3] Group 1: Project Cancellations and Delays - Approximately 48% of the canceled hydrogen capacity, equating to about 6 million tons per year, is attributed to strategic adjustments by developers [1] - Lack of strong demand has led to 13% of project cancellations, with actual demand growth falling short of market predictions due to low willingness to pay and regulatory uncertainties [1] - The high costs associated with clean hydrogen indirectly contribute to insufficient demand and poor return rates, leading to project cancellations even when purchase agreements are in place [1] Group 2: Cost and Regulatory Challenges - Short-term cost reductions for hydrogen projects are unlikely, as the industry is still maturing and cost estimation remains in an exploratory phase [2] - Nearly 20 hydrogen projects have been canceled due to permitting issues related to environmental impact, land use, and water supply [2] - The complexity of large-scale infrastructure projects increases the likelihood of cancellations, particularly for electrolysis, which faces challenges in securing renewable electricity from the grid [2] Group 3: Industry Outlook and Government Support - The initial enthusiasm for clean hydrogen is giving way to a more cautious approach, with project cancellations and delays seen as a necessary phase for the industry to gain experience [3] - New projects continue to emerge in regions like India and China, indicating ongoing interest despite challenges [3] - Strong government support, real market signals, and clearer investment guidelines are essential for bridging the gap between policy ambitions and commercial viability in hydrogen projects [3]

Core Insights - The global clean hydrogen projects are facing significant cancellations and delays due to insufficient demand, high costs, and strategic adjustments by companies [2][4] - Strategic adjustments account for 48% of the canceled capacity, approximately 6 million tons per year, as developers reassess commitments made during earlier optimistic phases of the industry [2] - A lack of strong demand has led to 13% of project cancellations, with actual demand growth falling short of expectations due to low willingness to pay and regulatory uncertainties [2] Cost and Funding Challenges - Hydrogen project costs are unlikely to decrease in the short term, and the industry remains highly dependent on subsidies and public funding [3] - Current funding mechanisms for clean hydrogen projects are insufficient to support all announced projects in the short term [3] - Policy support, such as the EU's Renewable Energy Directive III (RED III), is crucial for building sustainable business models in the hydrogen sector [3] Project Development Risks - As hydrogen projects enter deep development phases, they may face cancellation risks due to permitting and related development obstacles [3] - Approximately 20 hydrogen projects have been canceled due to issues related to environmental impact, land use, and water supply [3] - The complexity of large-scale infrastructure projects increases the challenges associated with obtaining renewable clean electricity for electrolysis [3] Industry Transition and Future Outlook - The initial enthusiasm for clean hydrogen is giving way to a more cautious approach as the industry faces real challenges [4] - Despite project cancellations, new projects continue to emerge in regions like India and China, indicating ongoing interest in the sector [4] - Bridging the gap between policy ambitions and commercial viability requires strong government support, genuine market signals, and clearer investment guidance [4]

Core Viewpoint - The recent shift in U.S. energy policy has led to a significant slowdown in the clean hydrogen sector, causing major companies to halt their projects and resulting in substantial financial losses [1][3]. Group 1: Industry Impact - Woodside, Australia's largest independent oil and gas producer, has officially canceled its clean hydrogen project in the U.S., incurring a loss of approximately $140 million [1]. - The hydrogen market in the U.S. is expected to remain sluggish for a considerable period, as stated by the head of McKinsey's hydrogen business [1]. - The U.S. government's declaration of a "national energy emergency" and the introduction of the "Big and Beautiful" Act signal a systemic shift in energy policy, prioritizing traditional energy sources over clean hydrogen initiatives [1][3]. Group 2: Policy and Economic Viability - The termination of tax credits for hydrogen projects has severely undermined the economic feasibility of these initiatives, leading to heightened uncertainty within the related supply chain [1]. - The lack of policy continuity and market certainty is identified as a critical foundation for the development of clean hydrogen [2]. - The imposition of tariffs and the "Big and Beautiful" Act are expected to disrupt material supply for clean hydrogen projects, increasing costs for renewable energy projects and ultimately reducing green hydrogen production capacity [3]. Group 3: Global Context - Despite the global trend towards clean energy development, the U.S. appears to be diverging from this direction, which could hinder its ability to address climate change and promote energy transition effectively [3].

Group 1 - The International Energy Agency (IEA) reports a surge in global clean hydrogen investment, projected to reach $7.8 billion in 2025, a 70% increase from 2024 [1] - Investment growth in clean hydrogen is driven by two main areas: electrolysis projects expected to attract $6 billion and natural gas hydrogen production with carbon capture, utilization, and storage (CCUS) technology projected to reach $1.8 billion [1] - The rise in hydrogen investment is supported by unprecedented policy backing and expanding market demand, particularly in hard-to-abate sectors like steel, chemicals, and heavy transport [2] Group 2 - If all hydrogen projects with final investment decisions (FID) are realized, global hydrogen production capacity could soar to approximately 7.5 million tons by 2035, nearly a 15-fold increase from current levels [2] - The hydrogen industry is expected to exhibit a "multipolar" characteristic, with Northwest Europe emerging as an innovation hub, supported by collaborative projects like the hydrogen pipeline between Germany and Denmark [2] - Despite the investment boom, the hydrogen sector faces challenges such as policy coordination, infrastructure deficits, and high technology costs, with a carbon price of over $140 per ton needed for CCUS blue hydrogen to compete with traditional hydrogen production [3]

Group 1 - Clean hydrogen plays a crucial role in achieving net-zero emissions in the Asia-Pacific region by 2050, particularly in high-carbon industries like steel, chemicals, and aviation [1][10][14] - The demand for hydrogen in the Asia-Pacific is projected to reach 67 million tons by 2030 and 235 million tons by 2050, with industrial sectors dominating the demand [1][11] - China and India are expected to account for 80% of the region's hydrogen demand, but domestic supply may not fully meet this demand, necessitating imports [1][11][14] Group 2 - The global hydrogen market is anticipated to reach $1.2 trillion by 2050, with the Asia-Pacific region accounting for 50% of this market [1][14] - Green hydrogen will be the primary supply form, expected to exceed 85% by 2030 and 95% by 2050, while blue hydrogen may play a transitional role [1][14] - The Asia-Pacific region will need to import 18 million tons of clean hydrogen and derivatives by 2030, increasing to 53 million tons by 2050, leading to a cross-border trade scale of $145 billion per year [1][14] Group 3 - An estimated $3.2 trillion investment is required in the hydrogen value chain over the next 25 years in the Asia-Pacific, with 52% allocated to renewable energy generation and transmission [2][25] - Australia is projected to be a major exporter, requiring over $300 billion in investments to meet regional demand [2][25] - Key factors for the development of hydrogen trade corridors include geopolitical stability, simplified foreign investment processes, and supply chain integration [2][28] Group 4 - The year 2025 is identified as a critical year for the development of clean hydrogen in the Asia-Pacific, with $44.5 billion in policy support already announced [2][38] - Challenges include inconsistent certification standards, balancing blue and green hydrogen pathways, and coordinating cross-border pricing [2][41] - The experience of Europe in promoting hydrogen applications through carbon pricing and subsidies may provide valuable insights for the Asia-Pacific region [2][45] Group 5 - China is emerging as a leader in clean hydrogen, with a production capacity expected to reach 120,000 tons per year by 2024 and over 30% of global hydrogen stations [3][49] - The cost advantage in China's clean hydrogen production is driven by abundant renewable energy resources and significant electrolyzer manufacturing capacity [3][50] - The establishment of hydrogen trading platforms in regions like Shanghai aims to facilitate certification, pricing, and market circulation of clean hydrogen [3][52]

Group 1 - Clean hydrogen is a crucial catalyst for decarbonizing hard-to-abate sectors like steel and industrial chemicals in the Asia-Pacific region, representing significant economic opportunities [1][6][9] - By 2030 and 2050, the Asia-Pacific region will require 67 million tons and 235 million tons of hydrogen, respectively, to meet net-zero targets, with China and India accounting for approximately 80% of this demand [1][10][12] - The market value of clean hydrogen in the Asia-Pacific region is projected to reach $600 billion by 2050, constituting half of the global market [1][14] Group 2 - The Asia-Pacific clean hydrogen value chain will require $3.2 trillion in capital investment over the next 25 years, primarily directed towards China and India, with Australia needing over $300 billion as the largest exporter [2][22] - Investment focus will be on renewable energy generation and transmission (52%) and electrolysis (over one-third) [2][22] - Governments in the region are expected to announce clean hydrogen investment plans totaling $44.5 billion by 2025, despite facing challenges such as inconsistent certification systems and cost considerations [2][34] Group 3 - The supply of green hydrogen will dominate the Asia-Pacific hydrogen supply mix, expected to account for over 85% of capacity by 2030 and over 95% by 2050 [1][14] - However, domestic production will not meet net-zero demands, necessitating imports of 18 million tons of clean hydrogen and derivatives by 2030, increasing to 53 million tons by 2050, with a cross-border trade value of $145 billion annually [1][14][20] Group 4 - Key challenges for hydrogen development include establishing economically viable pricing strategies, a common risk-sharing framework, and a credible carbon certification system [7][33] - The success of early hydrogen projects will depend on the establishment of transparent cooperation mechanisms among stakeholders to enhance investor confidence [6][7] - The Asia-Pacific region's hydrogen trade corridor is still in its infancy and requires rapid scaling to support the global decarbonization process [21][22]