The BP logo is seen at a petrol station in Pienkow, Poland. File photo: REUTERS/KACPER PEMPEL
It also comes as BP announces it has agreed to buy a 40.5% stake and become operator of an Australian renewable energy project that could become one of the world’s biggest producers of green hydrogen. Hydrogen is today used primarily in oil refineries but its production from natural gas is highly carbon-intensive.
The decision to increase the focus on hydrogen follows an acceleration in government and industry plans to plough billions into the fuel in the coming decades as they seek to slash greenhouse gas emissions, Arbelaez told Reuters. “The market doesn't exist in reality today. But what we are seeing is government ambitions to decarbonise and move away from hydrocarbons and in particularly to replace natural gas,” Arbelaez said.
The company expects low-carbon hydrogen demand to reach 380-million to 450-million tonnes per year by 2050, representing up to 15% of the total energy mix.
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BP boosts investment in hydrogen teamBP’s hydrogen unit will be led by Felipe Arbelaez, a veteran BP executive who has helped shape its renewables strategy since CEO Bernard Looney took office in 2020 As a mother of two kids I have battled alot with my financial state to the point of begging from friends just to survive,until I started Bitcoin trading with the help of Allison_Grillo I made a successful withdrawal of R 200,000 with the help of Allison_Grillo.
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BP boosts investment in hydrogen teamBP’s hydrogen unit will be led by Felipe Arbelaez, a veteran BP executive who has helped shape its renewables strategy since CEO Bernard Looney took office in 2020 As a mother of two kids I have battled alot with my financial state to the point of begging from friends just to survive,until I started Bitcoin trading with the help of Allison_Grillo I made a successful withdrawal of R 200,000 with the help of Allison_Grillo.
Source: BDliveSA - 🏆 12. / 63 Read more »