Last Update 27 June 2023

Hydrogen investment rate track post COVID 19 pandemic repercussions in India

Bottom up estimation of investments in different technologies

Hydrogen has proven remarkably resilient during the economic slowdown induced by the global pandemic. Companies specialised in producing, distributing and using hydrogen raised almost USD 11 billion in equity between January 2019 and mid-2021 – a considerable increase from prior years – and contracts funded by government recovery packages are expected to raise project investments substantially. Nevertheless, funding is grossly insufficient to accelerate innovation to the level required to realise hydrogen’s 60 Gt of CO2 emissions reduction potential modelled in the Net zero Emissions Scenario.

Hydrogen investments rising despite COVID’19 pandemic with unprecedented private fundraising mostly for manufacturing and to meet project demand.

Investment in hydrogen technology deployment is also increasing. Despite near-term uncertainty about market-led uptake, hydrogen prospects look stronger than before the Covid-19 pandemic. Projects expected to deploy electrolysis capacity in 2021 raised more than USD 400 million in 2020, nearly four times the investments in 2018. In mobility, 2020 funding decreased slightly from 2019, likely reflecting impacts of the pandemic; investment is more than recovering in 2021, however, and deployments up to June point to 2022. Clearly, government action – including funding in Covid-19 recovery plans and long-term signals embedded in national hydrogen. strategies – is spurring the strong momentum behind hydrogen investment. Public investment is expected to leverage much higher private spending, which could further accelerate hydrogen technology deployment. For example, as part of its national hydrogen strategy, Germany announced a EUR 9-billion package, which the German government expects to trigger an additional EUR 33 billion of private investment.


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