UAE-based renewable energy company Abu Dhabi Future Energy Company (Masdar), Indian multinational conglomerate Larsen and Toubro (L&T) and Belgium’s Agfa have joined the Hydrogen Council, a global CEO-led initiative that brings together companies with a united vision and long-term ambition for hydrogen to foster the clean energy transition.
Joining as steering members are Masdar and Larsen and Toubro, and joining as a supporting member is Agfa, which is said to offer a key component for the electrolyzer value chain.
The Hydrogen Council was launched by 13 founding members in 2017 at the World Economic Forum in Davos, and in six years, its membership has grown to 140+ multinational companies based in 20+ countries, representing the entire hydrogen value chain.
Today, the Hydrogen Council’s membership is said to represent some $8.2 trillion in market capitalization, 6.8 million FTEs and some $5.2 trillion in revenues.
The growing membership base mirrors the momentum being witnessed for clean hydrogen with over 35% investment growth just in the last year, the Hydrogen Council said, noting that accelerating hydrogen deployment remains critical to foster the transition to net zero in line with the climate targets set by the ‘Paris Agreement.’
Welcoming the new members, Yoshinori Kanehana, Chairman of Kawasaki Heavy Industries and Co-Chair of the Hydrogen Council, said: “The ethos of these three new members aligns with the Hydrogen Council’s vision for hydrogen to foster the clean energy transition for a better, more sustainable and more resilient energy future. Together our collective efforts will not only transform the energy landscape but also leave a lasting mark on the legacy of clean energy for generations to come.”
Mohamed Jameel Al Ramahi, CEO of Masdar, commented: “Masdar recognizes that green hydrogen will be a significant pillar of the energy transition and is deeply committed to building the UAE’s green hydrogen economy with a target of one million tons per annum of production capacity by 2030. We are pleased to join the Hydrogen Council and other like-minded businesses who are united in advancing the role of hydrogen in reaching global decarbonization goals.”
S N Subrahmanyan, Chairman and Managing Director of L&T, stated that the company is eager to contribute to the platforms provided by the Hydrogen Council, and Pascal Juéry, CEO of Agfa, noted how industry associations like the Hydrogen Council play an important role in connecting the different players in the value chain.