The industrial gas sector is likely to be one of the first to benefit from the move toward a hydrogen (H2) economy. They already have much of the infrastructure, and the largest players are already running pilot clean H2 projects that could come on stream by 2030. Existing end markets, such as oil refining, chemicals, and later on possibly fertilizers, will likely also be among the early adopters of H2. Net zero commitments imply the full decarbonization of hard-to-abate sectors such as steel, but using hydrogen to do so would be extremely costly. We therefore see steelmakers' credit quality as most at risk since the sector's profitability has been weak for years.