63% of oil & gas companies are investing in green hydrogen, reveals global survey

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23rd October 2020 11:17 - Oil and Gas

63% of oil & gas companies are investing in green hydrogen: A global survey of oil & gas companies and utilities companies has found that almost two-thirds of the former are investing in green hydrogen.

The report titled Powering sustainability: Why energy and utility companies need to act now and help save the planet was conducted by French consultancy, Capgemini, and questioned 300 energy and utility companies worldwide.

As well as 63% of oil & gas firms reporting they are currently investing in green H2, 55% of utilities organisations said the same.

The study found that  almost two-thirds of oil & gas firms (65%) are investing incorporate power-purchasing agreements' (compared to 61% of utilities firms), 'demand and response' (57% - compared t0 64% of utilities firms), energy efficiency services (65% - compared to 60% of utilities), and 'self-consumption and storage of energy' (67% - compared to 64% of utilities).

Other areas which are being invested in by around a quarter of oil & gas and utilities firms are 'vehicle-to- grid' applications (25% vs 28% respectively) IoT building/home management (25% vs 28%), and 'electric-vehicle-related services' - such as charging services (23% vs 30%).

Almost two-thirds (64%) of the companies surveyed said that they have generated a revenue increase from sustainable operations, with more than half reporting investment in at least six clean sources of revenue.

However, the research found that 37% of the nations polled have currently suspended sustainability investments and initiatives due to the coronavirus pandemic.

Looking at countries individually, 56% of Canadian firms said they had slowed or suspended investments and initiatives due to Covid-19, followed by China (54%) and India (50%). More than a third of UK and US (both 37%) firms have halted or limited their initiatives, while just 18% of Spanish organisations polled reported the same.

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