Fitch forecasts green hydrogen production will rapidly accelerate and gain increasing market share at the expense of traditional grey hydrogen, rising from less than 1% of current global market supply to a forecast 10% by 2030.
Many major oil and gas companies, particularly European firms such as Equinor, Shell, Total, Repsol, ENI and BP, will drive support for low-carbon hydrogen, in particular blue hydrogen, Fitch says.