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Home News Why are these companies trying to promote hydrogen as a viable energy source?

Why are these companies trying to promote hydrogen as a viable energy source?

Brussels, Belgium, March 14, 2018

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Last updated: March 20, 2024
by and Alex Morrell is a senior correspondent at Business Insider covering Wall Street at large.

Hydrogen Council welcomed 11 new members from Asia, North America and Europe that are leading international oil and gas, energy, science and technology and automotive companies on board. They will drive hydrogen innovation to support the energy transition and almost doubling Council membership one year on from its launch.

With increasing interest from policy makers and investors around the globe, the next five to ten years could see a decisive shift in deployment of hydrogen technologies, with scenarios suggesting that hydrogen technologies could contribute to meeting 18 per cent of the world’s final energy demands, avoiding 6 Gt of CO2 emissions, creating a market with revenues of 2.5 trillion dollars each year and providing 30 million jobs by mid-century.

3M, Bosch, China Energy, Great Wall Motor, JXTG Nippon Oil and Energy Corporation and Weichai, join as steering members alongside Hexagon Composites, Marubeni, McPhy, Nel Hydrogen and Royal Vopak at supporting level. Since its launch in early 2017, the Hydrogen Council, the first of its kind CEO-led initiative, has doubled in size, now covering all key markets with members across the value chain. In addition to their ongoing individual investments and projects, this year will see Council members join forces to drive change, accelerating the pace on a global scale.

“We are delighted to welcome such impressive growth and the strong CEO-level commitment to hydrogen this demonstrates. This is corporate leadership at scale–multinationals are walking the talk when it comes to building better solutions to address the Paris Agreement climate goals and hydrogen has become an integral part of our strategies,” said Dr Woong-chul Yang, Co-Chair of the Hydrogen Council and Vice Chairman of Hyundai Motor Company.

Benoit Potier, co-chair of the Hydrogen Council, Chairman and CEO of Air Liquide said, “I am pleased to see more and more leading companies around the world committing to the development of hydrogen, recognising it as a key solution to the energy transition. Since its launch one year ago, the Council has been able to build strong momentum. Its active participation in high level international events such as the World Economic Forum, New York Climate Week, One Planet Summit and Cop23, lead to major progress engaging with policy makers and governments. Our priority in 2018 will be to continue this rapid pace working alongside global partners and international organisations to help make hydrogen an everyday reality.”

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