Sir Jim Ratcliffe’s firm Ineos has joined the long list of corporates piling into green energy with the launch of a new UK business to cut carbon emissions.
The chemicals company has today launched a new clean hydrogen business, headquartered in the UK, in its drive to net-zero carbon emissions.
Through its subsidiary Inovyn, Ineos is Europe’s largest operator of electrolysis, a technology which uses renewable energy to produce hydrogen for power generation, transportation and industrial use.
Ineos said it will invest in “first intent” clean hydrogen production across its network of sites, as well as its partner sites.
Ineos currently produces 300,000 tonnes of hydrogen a year mainly as a byproduct of its chemical manufacturing operations.
Chief executive of Inovyn Geir Tuft said: “Ineos is uniquely placed to play a leading role in developing these new opportunities, driven by emerging demand for affordable, low-carbon energy sources, combined with our existing capabilities in operating large-scale electrolysis.”
There has been a concerted push by large companies to cut carbon emissions to zero in the next decade.
In 2019 the government announced a new target that requires the UK to bring all greenhouse gas emissions to net zero by 2050.
And the government is reportedly drawing up plans, to be published in the new year, to create a “world-leading” hydrogen market to help meet this goal.
The EU has already placed hydrogen at the heart of its green recovery plan, recently launching a strategy that outlines a roadmap for the widespread use across the continent by 2030.
France has already earmarked €7bn to support the development of clean hydrogen, while Germany has announced a €9bn plan as part of its efforts.