BP kills hydrogen projects, threatening the future of green energy

In a recent 32-page earnings report, BP announced the termination of 18 early-stage hydrogen projects. This decision is part of a broader strategy to save $200 million annually and improve the company's financial performance. BP, which had previously invested in green hydrogen startups, is now scaling back its ambitions in hydrogen development, reducing the number of projects it intends to pursue from more than ten to between five and ten across the U.S., Europe, and Australia. The hydrogen industry, heavily reliant on oil and gas companies for both funding and lobbying, is likely to face significant challenges as a result of BP's decision, impacting its potential to contribute to reduced carbon emissions in sectors like petrochemical refining and steelmaking.