While risk mitigation and financing instruments for clean hydrogen in EMDEs contribute to the viability and bankability of first-mover projects, the clean hydrogen industry nevertheless needs a robust and well‑co‑ordinated framework to sustain its growth. Achieving effective co-ordination first requires a clearer understanding of the international initiatives and actors involved in financing clean hydrogen. This awareness will help identify key funding gaps and highlight areas where additional investment is needed to scale up and enhance the effectiveness of climate finance in EMDEs. Co-ordination is crucial for harmonizing project identification and appraisal processes, as well as facilitating joint financing efforts for clean hydrogen projects. This chapter provides an overview of existing international initiatives and offers suggestions on how better co-operation among them can improve assistance and financing for clean hydrogen projects in EMDEs.
Leveraging De‑Risking Instruments and International Co‑ordination to Catalyse Investment in Clean Hydrogen
Abstract
The scoping analysis maps out 46 international initiatives involved in the financing of clean hydrogen projects in EMDEs. Three quarters of the mapped initiatives are led by multilateral development banks, development financing institutions and international organisations.
The mapping exercise found that the main financing mechanisms offered by these actors are concessional finance and de-risking guarantees for clean hydrogen projects, with high presence of multilateral development banks and development finance institutions. Specifically, loans are found as the predominant financing products, and guarantees, auctions and credit facilities are the most deployed instruments to take risks.
Co-ordination between stakeholders can further accelerate clean hydrogen financing by harmonising project identification and appraisal processes and offering joint financing activities for clean hydrogen projects. Based on desk research and supported by a stakeholder poll, international investment platforms to channel investments, bilateral contracts between stakeholders to strengthen collaboration, and knowledge-exchange activities are the most relevant tools to increase co-ordination among stakeholders. Yet, further research on the current progress of these co-ordination tools in emerging markets as well as their implementation is needed to determine the relevance of finance co-ordination for the clean hydrogen economy.
Currently, there are many actors operating at the international level, which have become crucial in the financing of clean hydrogen. These range from purely financing actors (i.e., multilateral development banks, development financial institutions and export credit agencies) to bilateral co-operation agencies, international organisations delivering capacity-building and technical knowledge, and other specialised initiatives (Asian Infrastructure Investment Bank, 2023[1]).
Whether purely financing stakeholders, development agencies or multilateral organisations, these actors are in prime position to support clean hydrogen development and bridge the investment gap, especially in EMDEs. Indeed, international actors can support clean hydrogen by providing financing and de-risking mechanisms, as well as funding R&D studies and offering technical assistance for capacity-building (Lee and Saygin, 2023[2]; NewClimate Institute, 2024[3]). As the landscape of international financing actors for clean hydrogen expands, co-ordination among their activities is critical for sustained market growth.
This chapter presents a mapping exercise of the international initiatives that are involved in clean hydrogen development in EMDEs across the value chain. Furthermore, the study provides a broad perspective on the role of international co-ordination to build a sustainable financial ecosystem, facilitating the long-term scaling of clean hydrogen projects.
This chapter is based on a scoping analysis to gain a baseline understanding of the global landscape of initiatives conducted by international actors in the field of clean hydrogen financing in Emerging Markets and Developing Economies (EMDEs). The international initiatives considered are those:
Being carried out by an international actor involved in clean hydrogen financing, or a domestic actor with an international scope;
targeting emerging markets and developing economies;
aiming to contribute to clean hydrogen financing and development;
covering at least one of the six areas of work identified in this study (i.e., R&D, de-risking, financial assistance, capacity-building, policy and regulatory support, and co-ordination).
This exercise provides a breakdown of six areas of work (Figure 3.1) and eight steps of the value chain (Figure 3.2) (IEA, 2022[4]; UNIDO, 2024[5]). The results of the mapping exercise were complemented with evidence from an expert survey and further discussed comprehensively through consultations and bilateral discussions with hydrogen experts from financial, industry and policymaking sectors.
The analysis expands on the role of co-ordination in clean hydrogen development, including the most relevant tools to co-operate as well as its positive impacts. Desktop research and literature review of international co-ordination initiatives in climate finance constituted the core of the analysis. This was further complemented by the results of an online poll conducted during the OECD and the World Bank Stakeholder Workshop on “De-risking Instruments and International Co-ordination for Clean Hydrogen in Emerging Markets and Developing Economies”, organised on 18 July 2024.
Note: This figure only contains the areas of work considered in this study.
Source: Authors
Note: The figure shows the distribution of steps of the hydrogen value chain considered in this study.
Source: Authors
While this analysis delves into a new topic such as the co-ordination of financing initiatives for clean hydrogen, the available data to feed the study presents inherent limitations. These limitations primarily stem from the absence of available information on the co-ordination initiatives carried out between financing institutions. Moreover, the set of co-ordination tools considered in this study has been gathered from different energy sectors. Consequently, relying solely on the list of tools of this study may not provide a precise representation of the options available.
Source: Authors, based on the mapping exercise.
The mapping resulting from this study has identified a total of 46 international initiatives that are devoted to accelerating clean hydrogen financing in EMDEs. Across these initiatives, more than half are directly led by Multilateral Development Banks (38%), Development Finance Institutions (17%) and International Organisations (15%). The rest of initiatives are undertaken by government-led agencies and other institutions, such as Export Credit Agencies (13%), Bilateral co-operation agencies (13%) and other specialised financing initiatives (4%). This analysis shows an overview of the different international actors comprised in the mapping.
Note: This figure contains only the international actors considered in this study.
Source: Authors
The initiatives identified fall under the following categories:
Activities embedded into the mandate of actors such as the Japan Bank for International Co-operation1;
Specific programmes such as the World Bank’s Hydrogen for Development Partnership2 or International Renewable Energy Agency (IRENA)’s Energy Transition Accelerator Financing Platform3;
Collaborations between different international actors, as it is the case the Climate Investment Funds4, a climate finance partnership between the World Bank Group, the African Development Bank, the Asian Development Bank, the European Development Bank, and the Inter-American Development Bank.
Furthermore, the mapping shows that most of the initiatives cover EMDEs without specific country target (25 initiatives). The rest of initiatives are geographically concentrated in Africa and Asia, accounting for 9 and 7 initiatives, while Latin America and the Caribbean, and the Middle East host 3 and 2 initiatives accordingly.
The mapping shows that 72% of all the identified initiatives target renewable hydrogen, while the remaining 28% cover broader forms of clean hydrogen, including hydrogen produced from natural gas and carbon capture and storage (i.e., low-emissions hydrogen). It is yet worth noting that international financing actors have no consensual definition of “renewable” hydrogen, and that the lack of a clear difference with other forms of hydrogen production can mislead the mapping exercise.
Concessional finance and guarantees are the most common instruments identified in the mapping exercise when it comes to delivering de-risking and financial assistance. These instruments are mostly used by MDBs and DFIs, accounting for almost a third of all initiatives each. The study shows that most of the initiatives offer concessional products, being loans the most common financing product (40% of the total of instruments declared). Additionally, almost half of total initiatives offer risk mitigation instruments for clean hydrogen projects. The most offered de-risking instruments are guarantees (50%), followed by auctions, credit facilities, hedge funds, green bonds, insurances and Contracts for Difference.
Source: Authors, based on the mapping exercise.
It is worth mentioning the role of export credit agencies (ECAs) in deploying de-risking instruments. While clean hydrogen is still entering into the scope of ECAs, 40% of de-risking initiatives in the mapping are covered by these agencies (see Figure 3.6).
Source: Authors, based on the mapping exercise.
International actors also devote resources to hydrogen research, capacity building, and policy and regulatory support. The study shows that a third of all financing initiatives are involved in R&D programmes, 18% deliver capacity building activities, and 8% provide policy support.
In addition, 16% of the total amount of international initiatives cover the whole hydrogen value chain. The rest (84%) target a specific step (or steps) of the value chain. According to the expert survey conducted for the purpose of this study, the initiatives appear very balanced across the steps of the hydrogen value chain. Yet, it is worth mentioning that electrolyser manufacturing stands out for being disregarded (with only 3 initiatives).
Moreover, Figure 3.7 shows that research and analysis and policy and regulatory support are the most common areas of work of international actors.
Note: The data in this graph only reflects the information provided by survey's respondents, which is a subset of the total number of initiatives identified in the mapping.
Source: Authors
There is a proliferation of international initiatives involved in the financing of clean hydrogen in EMDEs. The number of announced initiatives for clean hydrogen financing is expanding rapidly across the value chain, leading to a very populated sector. In this context, clear boundaries and a certain level of co-ordination between initiatives is key to avoid duplication of activities and ensure a clear understanding of their area of work.
R&D, capacity building and policy support are crucial components in the support of clean hydrogen financing in EMDEs. International actors, more particularly MDBs, have been identified to be key players in the development of policy and regulations, as well as capacity building and research on renewable hydrogen (NewClimate Institute, 2024[3]). MDBs can play the following roles to support hydrogen development: (i) knowledge creation, by providing technical assistance for the collection of data estimates on potential demand and exports for hydrogen; (ii) capacity-building, including supporting governments in contract negotiations and offering training programmes for workforce; and (iii) policy and regulatory support, such as supporting the integration of certification schemes or regulatory reforms across the hydrogen value chain. Indeed, international actors use research, capacity-building and policy support to build knowledge around the financing needs of clean hydrogen and create the enabling regulatory conditions for its development. This is particularly important in EMDEs, given the limited supply of public finance to support R&D and capacity-building programmes (Climate Policy Initiative, 2024[6]).
International initiatives support clean hydrogen projects across the whole value chain, by taking a cross-cutting approach which can help to integrate all parts of the value chain and optimise their socio-economic benefits. Some financing institutions have already integrated such an approach, by targeting projects that cover multiple segments of the hydrogen value chain. An example of these is Namibia’s Hyphen green hydrogen project carried out by Hyphen Hydrogen Energy company and financed by the Government of the Republic of Namibia (GRN). The project targets green hydrogen and ammonia production for domestic and international markets (OECD Clean Energy Finance and Investment Mobilisation, n.d.[7]). Additionally, the project is part of the Socio-Economic Development (SED) Framework, an initiative launched in 2023 by the Namibian company and the GRN, with the aim to use the project for employment generation, local procurement, skills development and enterprise and supplier development (Hyphen Africa, 2023[8]).
Disclosing information on clean hydrogen activities is key to ensure a well-co-ordinated hydrogen sector. International actors need to provide details of their activities around clean hydrogen, including what their programme is and how it operates, which instruments they offer, and which project profile they prioritise (i.e., programme’s structure, phase of the value chain, geographic location). This information can become crucial to facilitate exchanges of best practices and return on experience based on real projects. Eventually, this can help better understand the conditions to make projects investable, promote partnerships between public and private actors at domestic and international level, and ensure a more balanced risk and capital allocation.
Why co-ordination is important for clean hydrogen development in EMDEs?
International co-ordination, understood as the deliberate alignment of actions to achieve common goals, can play a key role in the development of clean hydrogen, particularly when financial support is challenged by operational, regulatory and risk-related constraints. This is particularly relevant in EMDEs, where the limited access to public finance and high financing cost prevents them from reaping the opportunities of clean hydrogen.
Co-ordination of initiatives in such a populated sector is key to avoid overlapping or duplication, align strategies, and mutualise tools and resources. Accountability and leadership are crucial for steering the complex hydrogen sector, which can be reinforced by strong co-ordination between investors, project developer and policymakers.
International co-ordination can help develop the clean hydrogen market and boost economic growth, which represents a major opportunity for EMDEs. First, it can connect public agencies with international investors and promote a better understanding about the financing needs to promote market growth. Second, it can help to position countries as an attractive location to develop green projects and solutions. Third, it presents an opportunity to use foreign investment to catalyse economic development, job generation and institutional capacity-building (Green Hydrogen Organisation, n.d.[9]).
The benefits of international co-ordination to accelerate clean hydrogen financing
Enhancing co-ordination could help to accelerate the financing of clean hydrogen, by (i) scaling-up investments in clean hydrogen projects, (ii) promoting the adoption of de-risking mechanisms by leveraging donors’ guarantees and other financing instruments, and (iii) offering a collaborative platform for tackling clean hydrogen financing issues and share best financing practices.
Scaling-up investment in clean hydrogen projects. The co-ordination of financing initiatives, in particular, could help streamline investments, connect these with suitable investment opportunities and financing operations, and improve the financial services offered to project developers (OECD, 2023[10]; ETTG, 2022[11]). In parallel, co-ordinated policies are critical for ensuring a reliable and orderly clean hydrogen development, thus creating a liquid market for investors.
International co-operation leads to successful financial interventions. For instance, in 2023, the Chilean Economic Development Agency (CORFO) announced a USD 1 billion fund, which aims to provide loans and grant credits with low interest rates and long-term tenures to cover potential financial and technology risks associated to renewable hydrogen projects. In this context, a strong co-ordination between CORFO and other IFIs involved, including the European Investment Bank, KfW Development Bank, the World Bank and the International Development Bank, was critical to secure risk-sharing between stakeholders, address gaps in risk coverage occurring in individual instruments and offer a comprehensive risk sharing framework (CORFO, n.d.[12]; Martin, 2023[13]).
Offering a platform for tackling clean hydrogen financing issues and sharing best financing practices. Enhancing co-ordination between international initiatives can foster exchange of best practices and help to identify and address investment opportunities and bottlenecks. An example is the Asia Pacific Green Hydrogen Alliance (APAC), an initiative led by the Green Hydrogen Organisation and Breakthrough Energy, that aims to accelerate renewable hydrogen production in the Asia and the Pacific region by offering a platform to catalyse financing, strengthen policy and financing incentives, and accelerate sustainable production, use and exports of renewable hydrogen (Green Hydrogen Organisation, n.d.[9]). APAC aims to crowd in investments for hydrogen projects by:
Promoting partnerships among financing institutions and governments;
Proposing innovative financing solutions to de-risk investments;
Identifying policy instruments and actions needed for financial close;
Supporting the adoption of fiscal terms, incentives, and standards and certifications to promote sustainable investments in the sector.
An overview of the current co-ordination initiatives and tools for clean hydrogen financing
International co-ordination of initiatives is key for the development and financing of the clean hydrogen sector. The mapping conducted in this study shows a proliferation of initiatives by different stakeholders and in different areas. It has been previously argued that where multiple initiatives exist, a certain level of co-ordination can build on their complementary characteristics, such as their specific area of work, their geographical focus, or their project targets (IEA, 2021[14]). Indeed, co-ordinating initiatives have emerged in the areas of R&D, capacity-building and policy support. Two examples are the IRENA Collaborative Framework on Green Hydrogen and the WEF Accelerating Clean Hydrogen Initiative, being multilateral initiatives focused on knowledge dissemination and capacity-building. The Hydrogen Council is another example of co-ordinating initiative focusing on promoting clean hydrogen solutions for industrial decarbonisation goals (IEA, 2021[14]).
The Breakthrough Agenda, launched by 45 World Leaders at COP26, and now backed by 47 governments, sets out and tracks the progress of priority international actions under the Hydrogen Breakthrough. These actions are organised along five main dimensions: (IEA, 2023[15])
Standards & Certification: Accelerate and fully resource the implementation of a co-ordinated programme of work to develop a comprehensive portfolio of international renewable and low carbon hydrogen standards and to facilitate associated certification schemes.
Demand Creation & Management: Strengthen demand for renewable and low carbon hydrogen by coordinating the agreement and announcement of packages of firm and sustained public and private commitments for the large-scale use renewable and low carbon hydrogen that displaces fossil fuel use in a wide range of applications and takes into account the need for just transitions.
Research & Innovation: Drive a significant increase in the number and geographical distribution of new, innovative hydrogen research and demonstration projects across a diversity of hydrogen’s high-value end use sectors, backed by mechanisms to broaden and more rapidly share learnings from projects.
Finance & Investment: Enhance the overall public offer of international assistance for clean hydrogen projects, by coordinating and facilitating access to increased finance and support mechanisms that address obstacles to investment, with the goal of mobilising private investment at scale in emerging and developing economies.
Landscape Co-ordination: Enhance the co-ordination and transparency of international collaboration on clean hydrogen.
Landscape map of key international hydrogen initiatives
In 2022, the Breakthrough Agenda released a mapping of public and private initiatives carried out by actors with a global scope to showcase the landscape of international collaboration on low-carbon and renewable hydrogen.
Source: (IEA, 2022[4])
There are only a few cases of co-ordination between initiatives for de-risking and financing, compared to other areas such as R&D or capacity-building. The mapping exercise identified three initiatives that aim to co-ordinate investments across the hydrogen sector. One of them is the World Bank’s Hydrogen for Development Partnership, which aims to build evidence and eventually lead to co-ordination of investments around different hydrogen workstreams (see Box 3.2).
The Hydrogen for Development (H4D) Partnership is a global initiative launched by the World Bank Energy Sector Management Assistance Programme (ESMAP) in 2022 with the aim to foster international co-operation for clean hydrogen deployment in EMDEs. Composed of 42 stakeholders, including business associations, hydrogen clusters, academia, public agencies and development institutions, it serves as a platform for knowledge sharing, capacity building, and boosting international co-operation to promote clean hydrogen financing.
The actions undertaken by the H4D Partnership are:
Research and knowledge production
The H4D Partnership releases reports, handbooks and technical papers on five different work streams across the hydrogen value chain: (i) clean hydrogen technologies, infrastructure and systems integration; (ii) enabling policy and regulatory frameworks; (iii) investment, financing, business models and procurement; (iv) socioeconomics and sustainability; and (v) hydrogen uses in industry.
Recent publications include the WB-Hydrogen Council report “Sufficiency, sustainability, and circularity of critical materials for clean hydrogen” (2022), and the OECD-WB report “Scaling Hydrogen Financing for Development” (The World Bank and Hydrogen Council, 2022[76]; OECD/The World Bank, 2024[1]).
Capacity-building and peer-learning
The H4D Partnership organises monthly capacity building workshops on various topics across the hydrogen value chain. For instance, in 2024, the World Bank, in collaboration with the Government of Brazil, hosted a webinar titled “Hydrogen Production, the Role of Storage, and Transportation-Related Infrastructure.” Furthermore, in 2024, the World Bank and the OECD co-organized a side event during the World Hydrogen Summit in Rotterdam, focused on “De-risking Clean Hydrogen Investments in Emerging Markets and Developing Economies (EMDEs).”
Fostering connections between international investors
The H4D Secretariat convenes regular in-person meetings with partners to foster dialogue between North-South and South-South stakeholders, supporting EMDEs in the attainment of their hydrogen objectives. The Secretariat also engages with MDBs concerning their hydrogen-related programmes and disseminates the latest advancements to its members. As of September 2024, the H4D has successfully hosted three H4D Partners Meetings—in India, Chile, and Colombia—designed to catalyse long-term financing for clean hydrogen projects in EMDEs, with contributions from both public and private sectors.
Source: (World Bank, n.d.[16])
Co-ordination tools are key to ensure a certain level of co-operation and harmonisation between international financing initiatives. To identify the current co-ordination initiatives within the hydrogen sector, and gain insights into the most effective tools to promote financing co-ordination, an expert survey was conducted.
According to the expert survey, co-ordination of financing initiatives is lacking in the hydrogen sector. Regardless, almost 60% of responding stakeholders believe that financing co-ordination is needed across the whole value chain.
There are several tools that are relevant to co-ordinate finance for clean hydrogen. Yet, this study has only considered seven of them, based on the desk research and other sectors’ best practices (European Investment Bank, 2022[17]; Ahman, Arens and Vogl, 2020[18]; The World Bank, 2021[19]):
Global rule-making organisation acting as managing entity;
Bilateral contracts of collaboration or co-ordination between financial institutions;
Memorandums of Understanding between governments, financial actors or specialised institutions;
Multilateral informational meetings between international financial institutions;
International investment platforms to channel capital flows;
Non-legally binding international rules;
Voluntary international mechanisms to track investments.
Based on the survey respondents, the most relevant co-ordination tools are international investment platforms to channel capital flows, bilateral contracts of collaboration or co-ordination between financial institutions, and multilateral informational meetings between international financial institutions.
Note: Participants were asked to rate the importance of the seven tools in a ranking scale from least to most relevant, according to their relevance to strengthen co-ordination of financing initiatives for clean hydrogen. The blue stacked bars show the percentage of participants who gave the grade to the given tool.
Source: Authors
These co-ordination tools have many benefits for clean hydrogen development. In a poll conducted during the OECD and World Bank stakeholder workshop on “De-risking Instruments and International Co-ordination for Clean Hydrogen in Emerging Markets and Developing Economies” in July 2024, participants stated that co-ordination can effectively help to accelerate clean hydrogen financing and development by leading to joint financing partnerships, multi-stakeholder platforms to re-direct capital flows, and transparent interactions between stakeholders to harmonise processes and share best practices.
Note: Participants were asked to rate the importance of the six different co-ordinating tools to accelerate clean hydrogen development in EMDEs.
Source: Authors
The OECD intends to leverage its analytical capabilities to strengthen the evidence base on effective policies, economic, de-risking and financing instruments to support large-scale clean hydrogen projects. The OECD’s convening power could be instrumental to disseminate such findings, but also to foster and facilitate dialogue and collaboration among investors, governments and project developers. The development of this joint report has paved the way for the Joint DFI Communique on the 10 GW Lighthouse Initiative, signed by 12 national and international development finance institutions on 14 November 2024 during the COP29. The World Bank Group will serve as the convener of the 10 GW Lighthouse Initiative, providing organisational support and facilitating coordination among participating institutions (Breakthrough Agenda, 2024[20]).
References
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[1] Asian Infrastructure Investment Bank (2023), Financing Clean Hydrogen in Asia and beyond, https://www.aiib.org/en/about-aiib/who-we-are/infrastructure-for-tomorrow/green-infrastructure/pdf/AIIB-Castalia_Financing-Clean-Hydrogen-in-Asia-and-Beyond_Sep-2023.pdf.
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[9] Green Hydrogen Organisation (n.d.), APAC Green Hydrogen Alliance, https://gh2.org/apac-alliance.
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← 1. For more information on Japan Bank for International Co-operation’s activities: https://www.jbic.go.jp/en/information/today/today_202310/jtd_202310_pj1.html.
← 2. For more information on World Bank’s Hydrogen for Development Partnership: https://www.esmap.org/Hydrogen_for_Development_Partnership_H4D.
← 3. For more information on IRENA’s Energy Transition Accelerator Financing Platform: https://etafplatform.org/.
← 4. For more information on Climate Investment Funds: https://www.cif.org/cif-funding.