. It has been shown that for oxygen electrode based on multiwalled carbon nanotubes lead and manganese dioxides, which have high oxygen evolution overpotential, are good catalysts in alkaline electrolyte. For hydrogen electrode based on carbon nanotubes palladium, aluminium-nickel and magnesium-nickel alloys, which have high hydrogen evolution overpotential, are good catalysts in alkaline electrolyte. These investigations demonstrate that multiwalled carbon nanotubes are good support for catalysts for fuel cells. Hypo thesis about localization of electrochemical reactions is suggested, which allows to predict catalytic properties of different materials in the electrochemical reactions considered.