Green hydrogen is at the heart of the fight against climate change, particularly for sectors that are difficult to decarbonise, such as steel, cement, and the chemical industry. Hydrogen is classified as 'green' when it is produced through electrolysis powered by renewable energy. However, the world's most abundant element is still a nascent asset class as investors consider the most relevant use cases for hydrogen and the role of competing technologies. In areas where solar and wind are providing the lowest cost of energy such as Northern Sweden and Southern Spain, green hydrogen production is already starting to become cost competitive. This is like what we have seen in the past with the development of solar energy. Scale is what matters most, in this context. We need to bring volume into the electrolysis market to bring cost down. The first auction under the European Hydrogen Bank is a great step forward in this respect.