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HNAT 2025: BNEF - Hydrogen Enters “Natural Selection” Phase but Won’t Move Supply Before 2030

  • Nov 24, 2025
  • 5 min read

BloombergNEF’s keynote at HNAT 2025 gave a reality check stating that the global hydrogen industry has entered its “fourth trough of disillusionment”, with more than 90% of announced projects unlikely to proceed and demand remaining the weakest link.

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