Hydrogen Insights 2023 An update on the state of the global hydrogen economy, with a deep dive into North America May 2023 Published in May 2023 by the Hydrogen Council. Copies of this document are available upon request or can be downloaded from our website: www.hydrogencouncil.com This report was authored by the Hydrogen Council in collaboration with McKinsey & Company. The authors of the report confirm that: 1. There are no recommendations and / or any measures and / or trajectories within the report that could be interpreted as standards or as any other form of (suggested) coordination between the participants of the study referred to within the report that would infringe the EU competition law; and 2. It is not their intention that any such form of coordination will be adopted. Whilst the contents of the report and its abstract implications for the industry generally can be discussed once they have been prepared, individual strategies remain proprietary, confidential, and the responsibility of each participant. Participants are reminded that, as part of the invariable practice of the Hydrogen Council and the EU competition law obligations to which membership activities are subject, such strategic and confidential information must not be shared or coordinated – including as part of this report. Hydrogen Insights May 2023 Hydrogen Council, McKinsey & Company 2 The Hydrogen Council has 145 members and is a global CEO-led initiative with a united vision and long-term ambition for hydrogen to foster the clean energy transition Steering members Supporting members Investors 1 Hydrogen Insights is the Hydrogen Council’s perspective on the hydrogen industry’s evolution. It summarizes the current state of the global hydrogen sector and actual hydrogen deployment. The Hydrogen Council and McKinsey & Company co-author this publication. It represents a collaborative effort to share an objective, holistic, and quantitative perspective on the status of the global hydrogen ecosystem.1 1  Detailed methodology described in Hydrogen Insights 2021 Hydrogen Insights May 2023 Hydrogen Council, McKinsey & Company 3 01 Hydrogen momentum continues to accelerate, but investment decisions are lagging >1,000 hydrogen project proposals announced globally, 795 of which plan full or partial deployment by 2030 USD 320 billion direct investments into hydrogen projects announced through 2030, of which USD 29 billion have passed the final investment decision (FID) 38 Mt p.a. clean hydrogen supply announced globally 2030, less than 1 Mt p.a. deployed today Hydrogen Insights May 2023 Hydrogen Council, McKinsey & Company 4 Exhibit 1 112 Hydrogen momentum is strong: more than 1,000 project proposals have been announced globally Giga-scale production 553 Globally, the industry has announced more than 1,000 large-scale project proposals as of the end of January 2023. Since the previous publication,2 more than 350 new proposals have been announced. Of the total, 795 aim to be fully or partially commissioned through 2030 and represent total investments of USD 320 billion of direct investments into hydrogen value chains through 2030 (up from USD 240 billion). Large-scale industrial use 191 Mobility 94 Europe remains the global leader in hydrogen project proposals, with the highest total investments (USD 117 billion, 35% of global investments) and highest absolute growth (USD 40 billion). Latin America and North America follow Europe, each representing about 15% of announced investments. Growth in North America increased following the announcement of the IRA (see Section 03 of this publication). Giga-scale project proposals (over 1 GW of electrolysis for renewable hydrogen supply or more than 200,000 kt p.a. of low-carbon hydrogen) account for 112 project proposals (requiring about USD 150 billion investment until 2030), nearly doubling from 61 eight months ago. Of these 112 proposals, 91 are renewable and 21 are low-carbon hydrogen. Momentum is strong, and the industry is planning investments into clean hydrogen, yet much more needs to be done. To be on track to net zero in 2050, more than a doubling of announced investments is needed by 2030 – and these need to be matured and deployed. Integrated H2 economy 96 1,046 projects1 684 in May 2022 117  Hydrogen Insights 2022 with data from May 2022; comparisons in this report are relative to this publication unless stated otherwise Hydrogen Insights May 2023 Hydrogen Council, M