BP Plans to Exit $36 Billion Australian Green Hydrogen Hub
After years of stock under performance and departure of the plan’s architect, BP has refined its strategy to focus more squarely on profits than green goals.
Photographer: Christopher Pike/BloombergBP Plc will exit its role in a massive green hydrogen production facility planned in Australia as the British oil major refocuses on the fossil fuels that drive its profits.
The company told its partners in the Australian Renewable Energy Hub that it plans to leave the project as both operator and equity holder, according to a statement from a BP spokesperson. It’s the latest setback for green hydrogen, a fuel once touted as a key way for Big Oil to profit from the energy transition that has so far proved too costly for mass production and consumption.