Norway’s leading oil producer, giant Equinor, has invested 10 billion euros in blue hydrogen, world news agencies reported. The company believes that they will be able to make the fuel cleaner and faster than any other competitor in the world.
The Scandinavian-controlled oil company is one of Europe’s energy corporations accelerating its hydrogen plans. The reason for this is that the growing pressure for a more serious and faster fight against climate change is stimulating huge changes in business, especially in investment.
Norway’s Equinor has sold an oil field in the United States
The company’s assets in the Bakken field are valued at $ 900 million
Equinor believes it has an advantage in the race to change the industry because it emits less methane than its competitors. The company focuses on blue hydrogen, which is made from natural gas and is touted as a key to cleaning industries such as steel, cement and aviation.
Still, there are quite a few critics. The production of this hydrogen releases carbon dioxide, which must be captured and stored.
“We are working with 95% CO2 capture levels,” said Henrik Solgaard Andersen, the company’s low-carbon vice president.
By 2035, the company plans to invest about 10 billion euros in hydrogen fuel – its own costs and government funding. The country can count on an abundance of gas – Norway pumps more than any other country in Western Europe and says the methane leak rate is below 0.03%.