The report, authored by the Hydrogen Council in collaboration with McKinsey & Company, provides an overview of the global hydrogen industry's progress from 2020 to 2024. The industry has experienced a significant increase in investment for hydrogen projects reaching final investment decision (FID) globally, with clean hydrogen projects showing a dramatic rise in committed investment. Key success factors include effective incentives, demand-side visibility, and strong industrial policy driving cost reductions. The global project pipeline has grown substantially, with investments in front end engineering design (FEED) stage projects increasing significantly. However, the industry faces challenges such as regulatory uncertainty and macroeconomic headwinds, leading to delays and cancellations of projects, particularly in renewable hydrogen. To meet climate commitments, an 8-fold increase in investments in hydrogen is needed by 2030. Government incentives and legislative frameworks play a crucial role in mobilizing private capital and advancing mature projects. Despite the challenges, there has been notable progress in regions like North America, which have seen a high percentage of global low-carbon hydrogen capacity deployment. Moving forward, joint efforts between governments and industry are essential to accelerate the decarbonization of the global energy system and achieve climate goals by addressing regulatory clarity, supporting demand drivers, and developing necessary infrastructure.