HYDROGEN IS THE most abundant element in the universe and a vast source of clean fuel. For investors, it is an equally rich source of hype. As parts of the world get a bit more serious about tackling climate change, hydrogen has emerged as an important part of global decarbonisation efforts. Over 1,000 hydrogen projects are under way worldwide, more than 350 of which have been announced in the past year. They are expected to result in some $320bn-worth of investments by 2030. Venture capitalists and buy-out barons poured $8bn into hydrogen ventures last year, up from just over $2bn in 2020 (see chart 1).
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