In the Carbonomics report, Goldman Sachs Research analysed the major role of clean hydrogen in the transition towards Net Zero. This report focuses on Green hydrogen (“e-Hydrogen”), which is produced when renewable energy powers the electrolysis of water. Green hydrogen looks poised to become a once-in-a-generation opportunity: we estimate it could give rise to a €10 trn addressable market globally by 2050 for the Utilities industry alone.