GH2 Year in Review - Annual Report 2025

2025 was a year of both progress and reality checks for the green hydrogen sector. Renewable energy continued to scale rapidly, strengthening the case for green hydrogen and electrofuels in sectors that cannot be directly electrified, including fertilisers, shipping and iron and steel. Yet high financing costs, uncertain offtake and insufficient demand-side support continued to hold back many projects from reaching final investment decision. 

In our GH2 Annual Report 2025, we look back at the progress made over the past year, the barriers that continue to slow deployment, and the areas where stronger policy and investment are now needed.

Green hydrogen has an important role to play in decarbonising hard-to-electrify industries while strengthening energy and economic security. But the market is not scaling fast enough. Governments now need to translate ambition into stronger demand through measures such as offtake support, contracts for difference, quotas and mandates that prioritise genuinely renewable fuels. This is particularly important in emerging and developing economies, which remain largely excluded from existing demand-side initiatives despite having some of the strongest renewable energy potential. 

Across fertilisers, shipping fuels and iron and steel, 2025 saw important progress:

• We launched the Green Fertiliser Development Network, bringing together developers, investors, policymakers and offtakers to accelerate green fertiliser projects in emerging economies. 
   
• In shipping, GH2 worked with green fuel producers and partners to strengthen the case for zero-emission maritime fuels ahead of key International Maritime Organization negotiations. 
   
• We also expanded our work on green iron and steel, publishing a review of global standards and launching the Green Iron Principles at COP30 in Belém. The Principles establish a common definition of green iron based on renewable energy, green hydrogen, fossil-free production and strong environmental and social standards. 

Our regional work continued to connect these global priorities with the practical needs of governments and projects. The 2025 Cairo Regional Forum brought together policymakers, developers, financiers, multilateral development banks and industry leaders to address the barriers preventing green hydrogen and ammonia projects in North Africa from moving from memoranda of understanding towards investment decisions. Across Africa and Asia Pacific, GH2 also continued to support policy development, standards, finance and stronger regional cooperation.

At the same time, we have remained clear that green hydrogen must not be undermined by weak definitions of “low-carbon” hydrogen. GH2 continued to scrutinise the assumptions behind blue hydrogen emissions and costs and advocate for transparent lifecycle accounting and regulatory frameworks that create a level playing field for genuinely low-emissions hydrogen

2025 also marked a new chapter for GH2, with Joe Williams taking over as CEO and Jonas Moberg becoming Chair. As we enter this next phase, our priorities remain clear: build strong coalitions, support credible policy frameworks and help move green hydrogen into the sectors and regions where it can deliver the greatest impact. 

To our members, partners, funders and everyone who has contributed to our work over the past year, thank you. The green hydrogen market is growing, but much more needs to be done. We look forward to continuing this work together in the year ahead.

Joe and the GH2 Team
2026