Europe’s push to wean itself off Russian natural gas is sparking billions of dollars in new commitments toward building a market for low-carbon hydrogen.
A nearly 450% jump in European gas prices the past year made the green fuel of the future cost-competitive about a decade ahead of schedule, according to BloombergNEF. Now, investment funds are joining governments and utilities in ambitious plans to make hydrogen a viable substitute for fossil fuels in manufacturing, transportation and heating.
"It’s kind of a tipping point,” said Phil Caldwell, chief executive officer at Ceres Power Holdings PLC, a U.K.-based hydrogen technology company. "You’re going to see that capital coming in on a big scale now. There’s no turning back.”