In 2026, the global conversation around hydrogen and Power-to-X is adapting to the rapidly changing geopolitical and trade landscape. Projects are advancing and investments are materialising. However, especially with regard to international cooperation, this is a time not just for implementation, but also for vision.
Much of the current debate still revolves around cost curves and competitiveness, as if price alone will determine the future of energy. However, Power-to-X is not just another commodity; it has the potential to become integral to industrial policy, energy sovereignty, and geopolitical strategy. Reducing it to a race for the cheapest molecule risks overlooking its far greater potential to promote stability and resilience.
The latest tensions surrounding the Strait of Hormuz serve as a stark reminder of what is at stake. When a single chokepoint can disrupt energy flows, including fertiliser supply, the consequences extend far beyond fuel to food security. These cascading effects expose the vulnerability of our current systems.
This is precisely why hydrogen and Power-to-X technologies should be instruments of cooperation rather than competition. Countries with abundant renewable resources could collaborate with industrial economies to diversify supply chains and mitigate systemic risk. However, this will not happen by accident. It requires the establishment of trust-based, deliberate bilateral and multilateral frameworks that transcend transactional trade.
A truly future-proof Power-to-X economy won't be based solely on cost efficiency. Instead, it will be shaped by alliances, shared infrastructure, and a collective commitment to energy security in an increasingly uncertain world. If we get this right, Power-to-X could lay the foundations for much more than just defossilisation.
Frank Mischler and Torsten Schwab
Directors of the International Power-to-X Hub |
