Global CEOs and investors join forces to accelerate clean hydrogen industry
PARIS, June 22, 2023 – The Hydrogen Council and The One Planet Sovereign Wealth Funds (OPSWF) Network today launched a Joint Forum aimed at advancing decarbonization with clean hydrogen and derivatives.
This initiative will foster a dialogue between industrial leaders in hydrogen and the world’s leading investors to accelerate the development of the clean hydrogen economy and contribute to greenhouse gas emissions reduction and climate change mitigation in line with the Paris Agreement. The Joint Forum will also work on unlocking the potential of the hydrogen economy in emerging and developing markets to boost green industrialisation and sustainable economic growth.
The OPSWF Network brings together 47 investors with over USD 37 trillion in assets under ownership and management. The Hydrogen Council, a global coalition of CEOs, brings together 150 industrial leaders representing some USD 8.2 trillion in market capitalisation, 6.8 million FTEs worldwide, and some USD 5.2 trillion in revenues. CEO leaders of the Hydrogen Council and the OPSWF Network form a strong partnership with a shared vision to drive just transition towards a more sustainable energy future.
This purpose-driven collaboration will focus on alignment on sustainability standards and certification solutions for clean hydrogen and derivatives, which are key to facilitate global, cross-border trade, as well as accelerate project execution and all forms of financing.
A key objective of the Joint Forum is to help unlock the development of this new industry in emerging and developing markets, supporting a just and equitable transition to net zero and green industrialisation.
The Joint Forum will set out an 18-month roadmap of action, focusing on three priorities:
Supporting mutual recognition of certification schemes for clean hydrogen and derivatives to foster international trade in hydrogen and derivatives, maximizing both climate and socio-economic benefits of clean hydrogen at a global scale. This is a key prerequisite to advance cross-border projects from proposals to final investment decisions.
Fostering uptake of common global industry standards which are technically feasible and scientifically robust. Global standards developed by Standard Development Organizations will play a key role in informing the environmental, social and governance (ESG) reporting frameworks for investors in this new asset class.
Unlocking environmental and socio-economic benefits of the hydrogen economy in emerging and developing countries. The Joint Forum will seek to advance capacity building and knowledge sharing coupled with financing solutions to boost green industrialisation in emerging and developing markets.
“As we scale-up the clean hydrogen value chain, consistent standards and an aligned vision between industry leaders and global investors will be crucial for success. The Hydrogen Council working with the OPSWF Network is well positioned to provide the leadership necessary to accelerate the development of a clean hydrogen eco system, to support industrial decarbonization and facilitate cross-border trade in hydrogen and derivatives.”
“Unlocking the socio-economic value of clean hydrogen and derivatives, and developing robust global sustainability standards and certification solutions, are critical priorities for the industry. Joining forces with the global investors to advance these priorities through the Joint Forum and its partners is instrumental to accelerate the delivery of hydrogen projects to support our net zero goals.”
About The Hydrogen Council
The Hydrogen Council is a global CEO-led initiative that brings together leading companies with a united vision and long-term ambition for hydrogen to foster the clean energy transition.
The Council understands that hydrogen has a key role to play in reaching global decarbonization goals by helping to diversify energy sources worldwide, to foster business and technological innovation as drivers for long-term economic growth, and to decarbonize especially hard-to-abate industrial sectors.
To find out more visit www.hydrogencouncil.com and follow us on Twitter @HydrogenCouncil and LinkedIn.
About One Planet Sovereign Wealth Funds
Following the 2015 Paris Agreement to collectively mitigate the effects of climate change, the One Planet Summit was held on 12 December 2017.
Given both their influence and long-term investment horizons, SWFs are uniquely positioned to promote long-term value creation and sustainable market outcomes. Accordingly, the “One Planet Sovereign Wealth Fund Working Group” was established at the event in order to accelerate efforts to integrate financial risks and opportunities related to climate change in the management of large, long-term asset pools.
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Joanna Sampson, Communications Manager, Hydrogen Council
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