Empty Tanks: Green Hydrogen's $100 Billion Bet Lacks Its Biggest Buyer

The global race for green hydrogen is facing a silent crisis: billions are pouring into production, yet the crucial demand isn't materializing fast enough. Over $110 billion has been committed to green hydrogen projects worldwide, with over 500 initiatives underway, marking a staggering 50% annual growth since 2020. This massive investment aims to unlock a carbon-free future for heavy industry and transport. However, a startling truth from recent 2025-2026 data reveals a gaping chasm between ambitious supply targets and actual binding purchase agreements: only 3.6 million tons per year (mtpa) of binding offtake has been secured globally, barely 60% of committed project capacity. Some reports put the figure even lower, with just 10-12% of planned capacity having identified buyers.

The Unseen Wall: Why Demand Lags

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