of fuel cell products delivered in total



are being powered by Ballard’s hydrogen fuel cells



in Ballard’s total GHG emissions, 2018 - 2020

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The Path to Drawdown: Fuel Cells

Internal combustion engine vehicles have dominated the transport and automotive landscape since the 1920s. But today, that landscape’s changing. Thanks to supportive policies and declining costs, there are millions of electric vehicles (EVs) on the road. The difference in their effect on the climate is remarkable. Compared to internal combustion engine vehicles, CO2 emissions drop by 50% if an EV’s power comes from the conventional power grid. If powered by solar energy, emissions are cut by 95%.

While electric passenger cars and vans can be powered using lithium-ion batteries, there are other segments in the transportation sector that are more energy-intensive and harder to decarbonize. These include long-haul transport, shipping, and aviation. For these segments, hydrogen fuel cells will play an important role.

Hydrogen is an energy carrier that can be produced by using electricity to split water into hydrogen and oxygen atoms. Green hydrogen is the process of obtaining hydrogen by using renewable power, which directly displaces hydrogen produced from fossil fuels. If the world is to keep temperature increases below 1.5 degrees Celsius, green hydrogen needs to account for 12% of final energy use by 2050 (p. 24). And for this to happen, global electrolyser capacity -- that’s the system that breaks down water molecules into hydrogen -- needs to expand rapidly:

  • <::marker> 0.3 GW of electrolyser capacity exists today
  • <::marker> 5,000 GW of electrolyser capacity will be needed by 2050

That’s a CAGR of 39.8% between 2021 and 2050

What We Want to See Improve

Set Targets to Reduce Absolute Emissions

We are impressed with Ballard’s continued efforts to reduce their carbon footprint, and would like them to continue in this spirit. But we want them to become even more ambitious by shifting their focus to reducing and eliminate absolute GHG emissions, rather than emissions per employee.

Reduce Waste

Despite Ballard’s overall sustainability efforts, the total waste it generates and the proportion of hazardous waste have steadily increased. Between 2017 and 2020, total waste has grown by 38.9% annually, and the percentage of hazardous waste has risen from 1% to 7%. We urge Ballard to find ways to reduce their total waste in the near future.

Report Units and Capacities of Fuel Cells Sold

While we applaud Ballard’s detailed reporting of its operations and sustainability metrics, one thing that’s missing are the precise numbers of hydrogen fuel cells it has sold and their capacity. This data would make Ballard’s contribution to the growing role of hydrogen in the renewable energy mix more concrete. We would like to see these numbers as part of Ballard’s annual reports.

Related Hydrogen Stocks in the Climate Index

View All Climate Index Stocks →

Allocated Company Description


Plug Power (PLUG)

Plug Power makes hydrogen fuel cells and fueling stations for heavy-duty vehicles and trucks - an important solution for decarbonizing transport


Ballard Power Systems (BLDP)

Ballard Power makes hydrogen fuel cells for hard-to-electrify transportation like buses and ships. It’s a crucial solution for decarbonizing transport


Advent Technologies Holdings, Inc. (ADN)

ADN makes components that improve the performance of hydrogen fuel cells. Fuel cells are key to decarbonizing aviation, heavy-duty automotive, and shipping


Fusion Fuel Green PLC (HTOO)

Fusion Fuel Green offers hydrogen to customers that operate green hydrogen plants. Hydrogen is a key energy source for hard-to-electrify transportation

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