Low-carbon hydrogen already has a big fan-base and is forecast to play a major role in reducing greenhouse gas emissions from heavy industries and some forms of transport.The United States, for example, is offering large incentives for producing it under President Joe Biden’s $430 billion Inflation Reduction Act .
BP’s spending on low-carbon hydrogen remains modest but is expected to grow into the hundreds of millions by the end of the decade as projects gets under way, the company sources said. Most hydrogen is currently used in oil refining and the fertilizer industry and is usually made by heating natural gas, a highly polluting process, known as grey hydrogen.
BP declined to comment on whether it will set a hydrogen production target or on its spending plans for hydrogen.BP’s project at its Whiting refinery will initially replace around 200,000 tonnes of grey hydrogen used by the refinery every year with blue hydrogen, McLeod said. The project could start operating by 2026-2027 and be expanded to green hydrogen.
The IRA offers a $3 per kilogramme tax credit for clean hydrogen, which brings green hydrogen to par or even below the cost of grey and blue hydrogen, according to analysts.
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