The decision, along with the sale of the company’s U.S. onshore wind-power operations, will save BP $200 million annually and help boost its bottom line. The hydrogen industry, which has relied on oil and gas companies both financially and through lobbying efforts, is preparing for a grimmer outcome.
BP has been a supporter of hydrogen. The company’s venture capital arm has invested in several green hydrogen startups, including Electric Hydrogen and Advanced Ionics. Earlier this year, BP said it would develop “more than 10” hydrogen projects in the U.S., Europe, and Australia.