Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group, Inc.The clean hydrogen revolution Clean hydrogen has emerged as a critical pillar to any aspiring global net zero path, aiding the de-carbonization of c.15% of global GHG emissions, we estimate, with TAM for hydrogen generation alone having the potential to double to c.US$250 bn by 2030 and reach >US$1 tn by 2050. We believe it is now time to revisit the clean hydrogen theme aspolicy, affordability and scalability seem to be converging to create unprecedented momentum for the clean hydrogeneconomy.Policy support is strengthening globally, with >30 national hydrogen strategies and roadmaps pledging a >400-fold increase in clean hydrogen installed capacity this decade vs 2020 and supportive of a c.50-fold increase in the pace of annual average green hydrogen new builds. Scalability is already revolutionizing the green hydrogen projects pipeline, with scope for average project sizes to increase 100x+, from 2MW in 2020 to >200MW by 2025 and a GW scale by 2030, leading to cost deflation of 40% for electrolyzer systems by 2025E, similar to what has been observed for batteries over the past five years. Affordability is rapidly i...