China is making a big bet on green hydrogen that could make or break a fuel long-touted as holding the keys to the global energy transition. The stakes are substantial. China has more than tripled its annual operational capacity since the end of 2024, and now hosts nearly 250,000 tons — over twice that of the rest of the world combined, according to BloombergNEF. Beijing’s latest five-year plan calls for an eightfold increase to 2 million tons a year by the end of the decade.