Green hydrogen could become cost competitive with blue and grey hydrogen as early as the next decade, but will require a rapid buildout and vast swathes of land to meet demand.

Even without government intervention, Rystad Energy claims, green hydrogen can be cost competitive by mid-century as the price of electrolysers continues to fall and renewable generation capacity expands.

While the average electrolyser capacity for producing green hydrogen is currently only around 3 megawatts, gigawatt-scale projects are already on the cards and the current global pipeline of proposed projects equates to an electrolyser capacity of about 210 gigawatts.