This keynote examines hydrogen as a lens through which to understand Europe’s evolving energy policy paradigm. Drawing on a new comparative analysis of EU and national hydrogen strategies, the presentation illustrates how policy goals for hydrogen have expanded since the 2022 energy crisis, with security and energy system resilience being layered on top of existing climate and economic narratives, as well as a growing preference for coercive policy instruments. Using Finland as a key national case, and complementing policy analysis with project-level evidence, the talk explores what this paradigm shift implies for hydrogen offtakers and the challenges associated with reconciling system-level ambitions with firm-level needs.