A cobalt phthalocyanine having an electron-poor CoN4 (+δ) in its phthalocyanine moietywas presented as an electrocatalyst for hydrogen peroxide oxidation reaction (HPOR). Wesuggested that hydrogen peroxide as an electrolysis medium for hydrogen production and therefore as a hydrogen carrier, demonstrating that the electrocatalyst guaranteed high hydrogen production rate by hydrogen peroxide splitting. The electron deficiency of cobalt allows CoN4 to have the highly HPOR-active monovalent oxidation state and facilitates HPOR at small overpotentials range around the onset potential. The strong interaction between the electron-deficient cobalt and oxygen of peroxide adsorbates in Co─OOH- encourages an axially coordinated cobalt oxo complex (O═CoN4 ) to form, the O═CoN4 facilitating the HPOR efficiently at high overpotentials. Low-voltage oxygen evolution reaction guaranteeing low-voltage hydrogen production is successfully demonstrated in the presence of the metal-oxo complex having electron-deficient CoN4 . Hydrogen production by 391mA cm-2 at 1V and 870mA cm-2 at 1.5V is obtained. Also, the techno-economic benefit of hydrogen peroxide as a hydrogen carrier is evaluated by comparing hydrogen peroxide with other hydrogen carriers such as ammonia and liquid organic hydrogen carriers.