BP's decision to cut 18 early-stage hydrogen projects and sell its U.S. wind operations signals a grim outlook for the hydrogen industry and future investments.
With hydrogen's potential to cut carbon emissions in various sectors, BP's scaling back undermines the market's reliance on oil companies for growth.
The hydrogen industry depends on oil and gas firms not only for funding but also for their expertise in infrastructure, which is critical for hydrogen's adoption.
Despite BP's previous commitment to more hydrogen projects, the revised plan of five to ten projects raises concerns on the industry's growth trajectory.
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