After years of dabbling, major oil companies are finally planning the kind of large-scale investments that would make green hydrogen a serious business.
They’re chasing a very particular vision of a low-carbon future — multibillion dollar developments that generate vast concentrations of renewable electricity and convert it into chemicals or clean fuels that can be shipped around the world to power trucks, ships or even airplanes.
"The oil majors have been building multibillion-dollar projects since forever," said Julien Rolland, head of power and renewables at commodities trader Trafigura Group Pte Ltd. "This green hydrogen, green ammonia stuff will be the new energy industry."