The International Energy Agency (IEA) published its annual hydrogen analysis, revealing that of the 520 GW announced electrolysis projects, 20 GW have reached the final investment decision, with China taking the lead. Global hydrogen demand reached 97 Mt in 2023, with a focus on refining and chemical sectors dominated by hydrogen from fossil fuels. However, low-emissions hydrogen is gaining traction. Blue and green hydrogen production is expected to surge by 30% annually until 2030, mainly driven by electrolysis projects. The growth in electrolysis has led to a doubling in the number of projects reaching the final investment decision, with a significant portion split between fossil fuel projects with CCUS and electrolysis. Key developments include Mitsubishi Power supplying a 30% hydrogen co-firing gas turbine in Malaysia and Yara International opening a new low-emission ammonia import terminal in Germany. Additionally, research by the Fraunhofer Institute in Colombia and hydrogen production plans in Malaysia showcase the global efforts towards sustainable hydrogen production and utilization.