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これからの製造ルートは、炭素回収を伴うメタン改質から、再生可能エネルギーや化石燃料を動力源とする熱分解、廃棄物ガス化、電気分解まで多岐にわたります。水素を製造するために使用されるプロセスとエネルギーの組み合わせは、工業用熱と主要化学物質の既存ユーザーに、困難な状況を突きつけています。
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EU eyes clean industry drive, climate policy tweaks
EU eyes clean industry drive, climate policy tweaks
Brussels, 26 February (Argus) — The European Commission today published a wide range of proposals aimed at boosting the bloc's economy, clean energy and technology, while bringing down energy costs. Several legislative proposals aim at simplification, notably on climate reporting. The commission also announced plans to expand demand aggregation and joint purchase schemes, currently in place for natural gas, to other raw materials, including lithium. And an EU critical raw material centre would jointly purchase raw materials on behalf of interested companies. EU climate commissioner Wopke Hoekstra said the commission is going "all out" to protect and advance its economy. "There's no question of turning our backs on climate action," he added, noting the need for a strong business case for decarbonisation. The commission has said it is " staying the course " in terms of its recommended target for cutting greenhouse gas (GHG) emissions by 90pc by 2040, compared with 1990 levels. Hoekstra noted that the commission did not today present 2040 GHG proposals because of the number of other plans unveiled. It is "very clear" that the EU is moving away from Russian gas and also from fossil fuels, energy commissioner Dan Jorgensen said, detailing an affordable energy plan . But a draft document seen by Argus showed plans for more flexibility on long-term supply deals and a "Japanese model" of investment in LNG export terminals. Hoekstra pointed to a new proposed EU bank for industrial decarbonisation, funded with money from the bloc's emissions trading system (ETS). The proposed bank could raise €100bn ($105bn) for industrial decarbonisation projects, including €20bn from the ETS innovation funds, over the next ten years. And that figure could hit €400bn, if leveraged with private funds, Hoekstra said. The commission aims to simplify the bloc's carbon border adjustment mechanism (CBAM). Hoekstra promised exemption for 90pc of the firms currently covered, while later proposals would see changes to scope and new products. Officials note that the exemption does not mean a "delay" of CBAM. The commission is also promising to promote clean products with new public procurement requirements in 2026. And a voluntary carbon intensity label for industrial products will be launched with steel in 2025, followed by cement. The commission also updated state aid rules to boost decarbonisation and clean tech, pledging a new, simplified framework by June. The hydrogen industry, commenting on a draft of the state aid framework, noted a lack of flexibility for EU states to promote demand and close the price difference between fossil- and non-fossil-based hydrogen. And the commission published eased due diligence obligations for some 6,000 EU and 900 non-EU large firms that require business models compatible with keeping global temperatures within 1.5°C of pre-industrial levels, in line with the Paris climate agreement. Qatari energy minister Saad Sherida al-Kaabi has warned that the country could not continue continued LNG exports if the EU did not "thoroughly" review its corporate sustainability due diligence directive (CSDDD). A senior EU official noted a "misunderstanding" on due diligence over a maximum fine of 5pc for firms' total worldwide revenue that would only be applied to "egregious" breaches of the CSDDD, including for serious violations of human rights. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Nel upbeat on electrolysers as buyers change approach
Nel upbeat on electrolysers as buyers change approach
Paris, 26 February (Argus) — Norwegian electrolyser manufacturer Nel said today it is confident that major orders will materialise this year after a "disappointing" 2024, as hydrogen firms are securing equipment later in the project development process because of reduced concerns about availability. Nel registered a higher order intake in January alone than in the final quarter of last year, chief executive Hakon Volldal said during the company's results call today, adding that "2024 was a disappointment" but that "2025 is expected to be much better." Nel chief financial officer Kjell Christian Bjornsen said customers in the past anticipated an electrolyser shortage, so would place orders at an earlier stage of project development to secure the equipment. Some years ago, "clients signed up to engineering work, concept work and the equipment package at the same point in time" before securing project financing, he said. Now developers "get the full funding stack in place", including agreements with banks and lenders, when they place the electrolyser order, according to Bjornsen. "That's the major difference," he said. As many renewable hydrogen projects have been delayed or cancelled, electrolyser manufacturers have struggled to secure firm orders. Many industry participants now expect global electrolyser manufacturing capacity to far outstrip demand at least in the near future, arguably alleviating the need for developers to place orders early in the development process. While clearer regulations in Europe and the US, along with subsidies for projects, could help projects move ahead, the main factor behind Nel's optimism is "real client conversations," Volldal said. At this stage, project developers have a "much more realistic view on what the market is willing to pay for" renewable hydrogen, he said. Because of the change in approach Nel's customers often have completed permitting and engineering, and at times "there is an offtaker" by the time they place an electrolyser order, Volldal said. This means incoming orders are of a more firm nature and a number of Nel's customers are set to take final investment decisions (FID) for their projects "in the next quarters," he said. These are mid-sized projects with 20-100MW capacity, because larger projects of 500MW or more "have been pushed out in time," Volldal said. The "appetite to go green" seems less strong than it was a couple years ago, so projects are required to have a strong business case to reach FID, he said. Over the past quarter Nel saw "one large project in the US and one in Germany" at risk of cancellation, it said without naming the companies. In October, US developer Hy Stor cancelled an order for a 1GW electrolyser system . The customer in Germany might refer to developer HH2E which entered bankruptcy proceedings last November and said possible delays and changes in project timelines "depend on how fast a new investor comes on board". HH2E had placed an order for a 120MW electrolyser with Nel in early 2023 for its project in Lubmin. Nel expects "no more negative impact" from the two contracts in question beyond what it accounted for during the fourth quarter of 2024, Volldal said. The firm expects to be able to fulfil upcoming deliveries despite a halt in production at its facility in Norway — in response to weak demand — because it has sufficient inventory, Bjornsen said. "New order intake that will determine when we switch [the factory back] on," he said. By Pamela Machado Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
BP raises oil and gas output goal in strategy reset
BP raises oil and gas output goal in strategy reset
London, 26 February (Argus) — BP has raised its 2030 target for oil and gas production to 2.3mn-2.5mn b/d of oil equivalent (boe/d) as part of a "fundamental reset" of its strategy that also entails a cut in its renewable energy investments. The 2.3mn-2.5mn boe/d goal leaves little scope for substantial output growth given that BP produced 2.36mn boe/d last year. But it is a stark change from the company's previous target to reduce production to 2mn boe/d by 2030. BP intends to dial down its overall capital expenditure (capex) to $13bn-15bn/yr through to 2027 and to sell $20bn of assets during that time to help strengthen its balance sheet. Its previous plan was to spend $14bn-18bn/yr in 2024-30. The capex cut will be driven by lower spending on renewables, while investment on oil and gas is targeted at $10bn/yr, a slight increase on the $9.8bn it spent last year. BP plans to launch 10 major new upstream projects by the end of 2027, with a further 8-10 starting up by the end of 2030. It also plans to strengthen its upstream portfolio by "reloading [its] exploration hopper". BP expects investment in what it calls its "transition" businesses to be $1.5bn-$2.5bn/yr through to 2027 — around $5bn/yr lower than previous guidance. The company plans to make selective investments in biogas, biofuels and electric vehicle charging businesses and a more focused investment in hydrogen and carbon capture and storage (CCS) assets, alongside a capital-light partnership approach to renewable power. BP announced in December last year a new joint venture with Japanese utility Jera to house the two companies' offshore wind assets, saving it an estimated $4bn in capex until the end of the decade. Along with the higher oil and gas output target and the lower energy transition spend, BP has amended its emissions reduction goal. It now expects its scope 1 and 2 emissions to be 45pc-50pc lower in 2030 than in 2019. Previously, it was targeting a 50pc cut. Downstream assets will contribute to BP's $20bn divestment target. The company has already put its 257,800 b/d Gelsenkirchen refinery in Germany up for sale , it will carry out a strategic review of its Castrol global lubricants business and it plans to bring in a partner for its Lightsource BP solar business. BP expects proceeds from the divestment programme, savings from the reduced capex and the boost to cash flow from higher oil and gas production to help it cut its net debt to $14bn-$18bn by the end of 2027, from $23bn at the end of 2024. At the same time the company plans to allocate 30pc-40pc of its operating cash flow to shareholder returns, including a dividend that it sees increasing by more than 4pc/yr. Investment bank RBC Capital Markets noted that BP's new strategy is line with expectations. "To us, much of the release looks to be BP making the right calls for the long term, but it may not please investors today," the bank said. BP's share price was down by 0.9pc just before lunchtime in London. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
UK should cut emissions by 87pc over 1990-2040: CCC
UK should cut emissions by 87pc over 1990-2040: CCC
London, 26 February (Argus) — The UK advisory Climate Change Committee (CCC) has outlined a "feasible" pathway towards a 87pc reduction in greenhouse gas (GHG) emissions by 2040 for the country, from a 1990 baseline. This is "an ambitious target", but it is deliverable, provided action is taken rapidly", the committee said today. Electrification and "low-carbon" electricity generation would make up 60pc of the emission reduction. The CCC recommends a level of 535mn t/CO2 equivalent (CO2e) for the UK's seventh carbon budget, over 2038-42, including emissions from international aviation and shipping. A carbon budget is a cap on emissions over a certain period. They are legally binding in the UK, with the CCC required to advise the government on the levels outlined. The energy transition "will make the UK economy more resilient, by reducing dependence on volatile international fossil fuel markets", the CCC said. It sees net energy imports falling from 867TWh in 2025 to 202TWh in 2050, with the cost of achieving net zero emissions at around 0.2pc of UK GDP annually on average. Upfront investments will lead to savings, it said. The CCC expects the private sector to contribute much of the investment needed, but noted that "policy is needed to provide confidence". Ramping up renewables "UK-based renewable energy provides the bulk of generation in a larger, future electricity system", the committee said. Its pathway envisages a six-fold increase in offshore wind, to 88GW of capacity in 2040 from 15GW in 2023, while onshore wind and solar power capacity reach 32GW and 82GW, respectively, by 2040. It notes the need for nuclear power, energy storage and grid upgrades. The committee also maps a scenario where the industrial sector — often high-emitting and difficult to decarbonise — uses electricity to meet 61pc of its energy demand, "up from around 26pc today". This would allow "UK manufacturers to benefit from global demand for low-carbon goods", the CCC said. For shipping and aviation, the CCC sees a role for "low-carbon fuels", including hydrogen and bioenergy. But the latter is "constrained by the availability of sustainable sources", while the use of hydrogen is limited, the committee said. The fuel has no role in heating buildings and "only a very niche, if any, role in surface transport". Carbon removals plays a role in emission reduction, but carbon capture and storage (CCS) "is limited to sectors where there are few, or no, alternatives". CCS could be used in industrial sectors or alongside hydrogen, it noted. The CCC saw a role for bioenergy with CCS, and direct air capture, although all carbon capture technology would require developing CO2 transport and storage infrastructure and finalise business models, it said. It also flagged the need for nature-based carbon sequestration, such as new woodlands and peatland restoration. The proportion of electric vehicles (EVs) significantly increases in the committee's pathway, to three-quarters of cars and vans and almost two-thirds of heavy goods vehicles being electric by 2040 — up from 2.8pc of cars and 1.4pc of vans in 2023. The falling cost of batteries will allow EVs "to reach price parity with comparable [gasoline] and diesel cars between 2026 and 2028", the CCC said. The pathway has around half of UK homes using heat pumps by 2040, from 1pc in 2023. The UK government must now propose, by 30 June 2026, a level for the seventh carbon budget, which parliament will then approve or reject. The government has in recent months stuck to CCC advice, setting out a national climate plan which pledged an 81pc emissions cut by 2035 , in line with CCC recommendations. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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