The Truth Behind European Big Oil’s Bet On Hydrogen

Back in 2020, the European Union set out its new hydrogen strategy as part of its goal to achieve carbon neutrality for all its industries by 2050. The regional bloc outlined an extremely ambitious target to build out at least 40 gigawatts of electrolyzers within its borders by 2030, or 160x the current global capacity of 250MW. The EU also plans to support the development of another 40 gigawatts of green hydrogen in nearby countries that can export to the region by the same date. The EU also aims to have at least 6 gigawatts of clean hydrogen electrolyzers installed by 2024.But it appears European oil majors are only willing to dance to their own tune. A new study on behalf of Transport & Environment (T&E) has revealed that whereas Shell Plc (NYSE: SHEL), BP Plc (NYSE: BP), TotalEnergies SE (NYSE: TTE), ENI S.p.A (NYSE: E) and Repsol SA (OTCQX: REPYY) are actively investing in…

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