Russia’s Invasion Supercharges Push to Make a New Green Fuel

Europe’s push to wean itself off Russian natural gas is sparking billions of dollars in new commitments toward building a market for low-carbon hydrogen.

A nearly 450% jump in European gas prices the past year made the green fuel of the future cost-competitive about a decade ahead of schedule, according to BloombergNEF. Now, investment funds are joining governments and utilities in ambitious plans to make hydrogen a viable substitute for fossil fuels in manufacturing, transportation and heating.

“It’s kind of a tipping point,” said Phil Caldwell, chief executive officer at Ceres Power Holdings Plc, a U.K.-based hydrogen technology ...