IEA reports slower growth in green hydrogen capacity for 2023
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The International Energy Agency’s (IEA) annual renewables report for 2023 indicates a slowdown in the growth of green hydrogen capacity compared to the previous year’s forecast.
The 2023 projection is 35% lower than in 2022, with sluggish progress in bringing planned projects to final investment decisions.
The IEA highlights challenges such as a lack of off-takers, higher production costs due to inflation, and delays in electrolyzer shipments.
The report predicts renewables capacity for hydrogen to reach 45GW between 2023 and 2028, representing only 7% of announced capacity for the period, with Europe’s forecast down 51% from the previous year.
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