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Oil giant BP is killing 18 hydrogen projects, chilling the nascent industry
The hydrogen industry, which has relied on oil and gas companies both financially and through lobbying efforts, is preparing for a grim outcome.
The decision, along with the sale of the company’s U.S. on-shore wind power operations, will save BP $200 million annually and help boost its bottom line. Hydrogen has the potential to reduce carbon pollution significantly in a range of industries, including petrochemical refining, steelmaking, and long-haul shipping. Plus, oil and gas companies have decades of experience developing large infrastructure projects of the sort that will be required if hydrogen is to make a dent in industrial emissions.
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