CITIC Securities: Yunnan Releases Major Green Hydrogen Subsidy Policy, Potentially Boosting National Policy Expectations

CITIC Securities research report states that on February 28, Yunnan Province issued the “Measures to Promote Green Power Consumption in Yunnan Province.” The policy proposes providing a subsidy of up to 13 yuan/kg for qualifying green hydrogen projects. It also encourages local initiatives around refining and chemical industry decarbonization needs to develop integrated projects involving green hydrogen, ammonia, alcohol, and SAF. We believe this subsidy is unprecedented and will significantly improve the profitability of local green hydrogen and green fuel projects. Additionally, it will boost market expectations for nationwide hydrogen support policies. We recommend paying attention to green hydrogen, ammonia, and alcohol project investors and operators, as well as electrolyzer manufacturers. (First Financial)

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