Speaking in Egypt, German Chancellor Olaf Scholz announced extra funding for the government’s global hydrogen funding instrument, H2Global, to facilitate the global market ramp-up. Hydrogen, currently produced almost entirely by burning fossil fuels and somewhat damaging to the climate, does not emit CO2 when burned. If made using renewable sources, it can be considered “green.” The odourless and invisible gas has become a beacon of hope for economies hoping to decarbonise. “Green hydrogen is the key to decarbonising our economies, especially for hard-to-electrify sectors such as steel production, the chemical industry, heavy shipping and aviation,” explained Scholz during a roundtable titled “Investing in the Future of Energy: Green Hydrogen” at COP27 on Tuesday (8 November). About 75 million tonnes of fossil-based hydrogen are already produced annually and usually used locally. Yet, Scholz said, “green hydrogen is not some distant future fantasy.” To speed up the way t