IEA cuts growth forecasts for hydrogen-linked renewables

Deployment of solar and wind to power electrolysers seen slowing as green hydrogen projects struggle to reach FID

The IEA has cut its forecast for the deployment of renewables dedicated to powering electrolysers over the next five years by 35%, implying the growth of green hydrogen production will be slower than previously expected. The Paris-based IEA forecasts the global addition of 45GW green hydrogen–linked renewable capacity over 2023–28. Growth forecasts for all regions except China were lowered compared with projections made a year ago. The main reasons for the revisions were the “slow pace of bringing planned green hydrogen projects to financial close due to a lack of offtakers and the impact of inflation on production costs”, the agency said in its Renewables 2023 report. 45GW – Wind and