Barry Norris, the founder and chief investment officer of the British hedge fund Argonaut Capital Partners, claims that investors looking to make money soon should avoid betting on hydrogen. He said, “Unfortunately, it’s a waste of time.

The primary chemical component of the sun, hydrogen, has the potential to produce energy with almost no CO2 emissions, but, unlike solar or wind energy, hydrogen must first be harvested. There are numerous ways to accomplish this; some are cleaner than others. Fossil fuels currently serve as the foundation for the most prevalent and affordable production methods.

The cleanest type is called green hydrogen, which is created by splitting water into hydrogen and oxygen using an electrolyzer powered by renewable energy. However, the process is costly, so many investors are dubious. Another issue is how to store data so that it may be used, for instance, in moving cars.

Norris contends that only hydrogen produced using fossil fuels, water power, or nuclear energy is even remotely cost-competitive.

With a 10- to 15-year horizon, “we’re very bullish on hydrogen because it’s one of the key ways to decarbonize industrial heat,” he said. But shortly, it’s challenging to imagine demand growing swiftly to the extent at which we’re willing to invest.