氢能：如何吸引私人投资

Page 1 of 9SummaryThis paper looks at the future of the hydrogen market and makes a series ofrecommendations to governments on steps that would help to overcome the investmentchallenges facing the industry. It further addresses the need for supportive regulatoryframeworks, clear government policy and financial support mechanisms to help de-riskrelated infrastructure investments.IntroductionThe growth of the hydrogen market and its derivatives hinges on sustained commitmentsand collaboration among financial institutions, industry players and government entities.However, this emerging market faces significant challenges, particularly for infrastructureinvestors. The high perceived risk and underdeveloped state of hydrogen projectsdiscourage mobilisation of long-term, patient capital which is crucial for the market'sdevelopment.Securing the necessary capital requires substantial funding from diverse sources.However, the current lack of equity funding or debt financing available for infrastructurewithin the hydrogen value chain is a major obstacle to market growth. The capital-intensivenature of hydrogen projects requires financing structures that are typical in project finance,requiring significant debt and equity investment. Yet debt investors remain cautious,primarily due to technological uncertainties and the absence of committed offtakers.Added to this is a lack of operational projects, which raises concerns further. This absencemakes it difficult for investors to assess risk, forecast revenues and returns, and accuratelyvalue hydrogen projects.To catalyse investment in hydrogen infrastructure and realise the transformative potentialof hydrogen and its derivatives, these issues must be addressed. As a technology withsubstantial upfront costs, overcoming these barriers is critical to achieving globaldecarbonisation efforts and fostering a more secure and resilient energy system.This paper seeks to address these and other challenges that investors face whenexploring investment opportunities in hydrogen infrastructure. It draws together the viewsof GIIA’s membership collected over several months and presents the areas whereadditional focus is needed to support investment cases, in line with five corerecommendations. Page 2 of 9Summary of recommendations to governments1.Offer robust support for long-term offtake agreementsto ensure stablerevenue streams for hydrogen infrastructure projects, thereby reducinginvestment risks and enhancing financial predictability.2.Develop a pragmatic strategy for hydrogen infrastructure developmentthatleverages the unique national advantages and resources of countries, promotingefficient and tailored growth in the hydrogen sector.3.Encourage the establishment and growth of hydrogen clusters andindustrial zonesto increase project visibility and operational transparency,creating synergies and reducing costs through shared infrastructure andknowledge.4.Ensure clear and consistent policy and regulatory frameworksto providecertainty for investors, facilitating smoother project planning, approvalprocesses, and long-term investments in hydrogen infrastructure.5.Extend comprehensive financial support mechanisms, including grants,loans, and tax incentives, to lower the capital expenditure barriers and makehydrogen infrastructure projects more attractive to private investors.Market development recommendationsRecommendation 1: Offer robust support for long-term offtake agreementsLong-term offtake agreements provide stability and certainty for investors. By supportingofftake agreements for hydrogen projects, governments can significantly reduce demand-side risks associated with hydrogen infrastructure investments.Furthermore, support for long-term offtake agreements provide a powerful market signal,spurring investments in sectors like renewable energy for electrolysis and hydrogentransport and storage infrastructure. These agreements establish a stable demand forhydrogen, motivating the expansion of renewable energy projects essential for greenhydrogen production as well as green molecules and hydrogen derivatives.This fosters a cycle of investment and development throughout the hydrogen value chain,from production to end use, leading to cost reductions through economies of scale andtechnological advancements. Additionally, these policy measures can promote job creationin new and emerging industries, aid in economic diversification, and significantly contributeto national and international carbon reduction targets.Addressing renewable hydrogen challengesThe scarcity of long-term offtake agreements poses key risks to the development of greenhydrogen, given additional pricing risks associated with its production. A lack of targetedsupport for this type of hydrogen undermines the speed of its potential development inparallel with low-carbon alternatives.In this case support for long-term offtake agreements can help to bridge the price gapcompared to fossil-fuel derived hydrogen where they ma