Iberdrola and six other companies create a global consortium to promote green hydrogen

Iberdrola and six other companies from around the world have announced the creation of a global consortium that will increase the scale of hydrogen production as a green energy source over the next six years and halve its cost.

The founding partners of the new initiative, Green Hydrogen Catapult, include ACWA Power, CWP Renewables, Envision, Iberdrola, Orsted, Snam and Yara.

The aim is to help transform the world's most carbon-intensive industries by deploying 25 gigawatts by 2026 of hydrogen production based on renewable energy, with a view to halving the current cost of hydrogen to less than two dollars per kilogram.

The executive director of Saudi ACWA Power, Paddy Padmanathan, said that "collective ingenuity and private sector entrepreneurship can deliver green hydrogen at less than two dollars per kilogram in four years". "From an industry perspective, we see no technical barriers to achieving this," he said.

The Green Hydrogen Catapult will require an investment of approximately $110 billion (90.732 million euros) and will create more than 120,000 jobs.