China's hydrogen production increased by 25 percent year-over-year in the first half of this year, and the proportion of hydrogen production using new energy sources increased by 30 percent year-over-year, according to the China Hydrogen Energy Industry Association.
In recent years, the new energy vehicle industry has seen repaid development, and the hydrogen-fueled vehicle industry has seen growth opportunities driven by carbon peak and carbon neutral targets.
The cost and selling price of hydrogen energy has dropped by about 50 percent in the last four years, and production and sales of hydrogen-fueled vehicles have skyrocketed, CCTV reported on Friday.
Hybrids and hydrogen vehicles should play a more important role in the automotive industry's electrification transition, Toyota executives previously said.
Sinopec, which has the largest hydrogen production capacity in China, announced that it wants to build 1,000 hydrogen refueling stations in the next five years.
Along with the rapid development of hydrogen energy, there have been media calls to be wary of duplication of hydrogen energy construction.
The amount of fuel cell-related capacity planned in China far exceeds market capacity, increasing the risk of overcapacity, according to an article published by official media outlet Economic Daily on Aug. 8.
According to the article, more than 40 cities have released hydrogen energy plans, with trillions of yuan in industry scale, and more than 30 hydrogen energy industrial parks have been built since China announced its support policy for fuel cell vehicles last September.
According to the article, China has seen low-level duplication of construction in wind power and photovoltaic industries in the past few years, because many companies were optimistic about the prospects of the industry and chose the same industry almost at the same time, resulting in a huge waste of resources.
Official media calls for caution against duplication of hydrogen energy projects
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