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European Legislation Establishes Carbon Reduction Targets, Introducing High-Emission Penalties such as CBAM and FEU

In 2019, the European Commission released the European Green Deal, committing to reduce greenhouse gas emissions by 55% compared to 1990 levels by 2030 and achieve carbon neutrality by 2050.

In 2021, the European Commission enacted the European Climate Law and proposed the "Fit for 55" package, which revises and updates EU legislation. "Fit for 55" package includes specific policies such as the Carbon Border Adjustment Mechanism (CBAM) and FuelEU Maritime (FEU). FEU will officially take effect in 2025 to promote renewable fuel adoption; CBAM will be implemented in 2026, driving decarbonization demands in industries like steel, cement, fertilizers, and aluminum.

China’s Energy Conservation Policies Drive Hydrogen Applications Across Sectors

In May 2024, China’s State Council issued the 2024–2025 Energy Conservation and Carbon Reduction Action Plan. At the same time, the National Development and Reform Commission (NDRC) and other ministries issued special action plans for energy conservation and carbon reduction in industries such as iron and steel, oil refining, and synthetic ammonia. Hydrogen energy, as an industrial raw material, actively participated in emission reduction in multiple industries.By December 2024, the NDRC further launched the Implementation Plan for Accelerating Clean and Low-Carbon Hydrogen Applications in Industry. Driven by domestic and international policies, hydrogen energy is expected to expand beyond fuel cells into broader industrial applications.

Green Hydrogen Gains Competitive Edge in Industrial Applications
From an energy perspective, green hydrogen competes with green electricity; from a chemical perspective, it competes with gray hydrogen. Under the frameworks of FEU and CBAM, green hydrogen gains a competitive advantage over gray hydrogen in sustainable industries through its "zero-carbon" attribute. This advantage will be further amplified if penalties under carbon border mechanisms like CBAM become stricter.

Declining Green Energy Costs & Enhanced Hydrogen Utilization Strengthen China’s Hydrogen Ecosystem
On the cost side, plummeting photovoltaic module prices have reduced green electricity costs, lowering green hydrogen production expenses and laying the foundation for China’s hydrogen development. On the demand side, hydrogen applications in industries like chemicals and steel rely on technological innovation. China’s Ministry of Industry and Information Technology (MIIT) organized an innovation task chart - topping and banner - holding for future industries, setting 22 chart - topping tasks for hydrogen energy and setting short - term industrialization goals for 2026. By 2025, with falling green energy costs, improved standards across hydrogen production, storage, transportation, and utilization, and enhanced end-user capabilities, China’s hydrogen industry is poised for breakthroughs between 2025 and 2026.

                                                         Reference: Hydrogen Industry Series Report, BOC International Holdings Limited, March 2025