Bernard Looney, CEO of BP, believes hydrogen will play a major role in the future for businesses as governments work toward clean energy.
Low-carbon hydrogen has already gained support among the public for how it works to reduce gas emissions with industries and transportation, according to Reuters.
The current issue is that it can be incredibly expensive to produce, making it harder to compete with fossil fuels. In countries like the U.S., there are incentives for production of hydrogen. The incentives were created under the Inflation Reduction Act.
BP has started planning to develop a hub that focuses entirely on hydrogen at the Whiting, Indiana refinery. Looney vowed three years ago to reshape the way BP works and help cut carbon emissions. He will meet with investors to discuss the plans February 7, 2023.
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