As Europe seeks to exit fossil fuels, a relatively unproven alternative is forming the backbone of its clean-energy plans — but failing to convince investors.
Hundreds of hydrogen projects have been floated by governments in the past years, yet only 7% of those have the financing to start construction, according to data compiled by Bloomberg New Energy Finance.
That highlights the prevailing skepticism over the ability to produce large amounts economically, and contrasts with the situation in the U.S., where generous subsidies under the Inflation Reduction Act are luring investments for renewables including hydrogen.