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Russia’s Invasion Supercharges Push to Make a New Green Fuel

  • Soaring gas prices fast-forward the economics for hydrogen
  • Low-carbon fuel seen as key to energy security, climate goals

Europe’s push to wean itself off Russian natural gas is sparking billions of dollars in new commitments toward building a market for low-carbon hydrogen.

A nearly 450% jump in European gas prices the past year made the green fuel of the future cost-competitive about a decade ahead of schedule, according to BloombergNEF. Now, investment funds are joining governments and utilities in ambitious plans to make hydrogen a viable substitute for fossil fuels in manufacturing, transportation and heating.