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Big Oil Bets That Green Hydrogen Is the Future of Energy

The fuel is well suited to the majors’ strengths in project management and their deep pockets.

A green hydrogen electrolyzer during the final stages of construction at Iberdrola SA's Puertollano plant Spain. — A green hydrogen electrolyzer during the final stages of construction at Iberdrola SA's Puertollano plant Spain.
Photographer: Angel Garcia/Bloomberg

By

Laura Hurst and

Francois De Beaupuy

June 19, 2022, 11:01 PM UTC

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.