As investors, policymakers, and the public prioritize the urgency of addressing climate change, oil and gas companies are forced to grapple with how to reduce and eventually eliminate carbon emissions. Recently, hydrogen has gained interest from governments, companies, and investors as one solution for replacing direct fossil fuel consumption in a new energy economy. Globally, oil and gas companies have approached hydrogen fuel with varying levels of interest and investment. In Europe, where policymakers have earmarked large sums of investment for hydrogen technologies, oil majors have been generally more proactive about incorporating hydrogen into their corporate strategies. US policymakers and oil majors have overall been less focused on hydrogen, but the US has some unique conditions that may be favorable to an expanded hydrogen industry.
In addition to outlining the current policy contexts around hydrogen in Europe and the US, this paper highlights the strategies of six oil majors; ExxonMobil (Exxon), Chevron Corporation (Chevron), British Petroleum (BP), Equinor, Royal Dutch Shell (Shell) and Total, as they relate to hydrogen.
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