Hyundai Motor Company and INEOS today announced the signing of a memorandum of understanding to explore new opportunities to accelerate the global hydrogen economy.

Particular attention was paid to the role and significance of natural gas as a green energy source in the context of Europe's decarbonization policy goals.

The strategy says that between 2020 and 2024 the European Commission will support the installation of at least 6 GW of renewable hydrogen electrolysers in the EU, and the production of up to 1 million tonnes of renewable hydrogen.

Goldman Sachs predicted that green hydrogen will become a $12-trillion market by 2050.

The government in the summer earmarked 7 billion euros ($8.25 billion) for the build-up of green hydrogen in Germany, plus a further 2 billion euros to set up partnerships with other countries.

I regard the strictly green position as irrational and counterproductive. It is an impediment to efforts to quickly slash carbon emissions and limit the effects of global warming.

UOKiK on Oct. 7 imposed a fine of more than Zloty 29 billion ($7.62 billion, Eur6.48 billion) on Russian gas giant Gazprom for building Nord Stream 2 without its approval, as well as a fine totaling Zloty 234 million on five European companies that helped finance the project.

The almost complete Nord Stream 2 was meant to come online at the end of 2019, but the threat of US sanctions against companies working on laying the pipeline saw main contractor Allseas halt work in December last year.

The OPEC delegation was led by HE Mohammad Sanusi Barkindo, Secretary General, and the GECF delegation was headed by HE Yury Sentyurin, Secretary General.

While burning hydrogen is a carbon neutral activity and impacts Scope 3 emissions positively, the hydrogen itself may not be produced in a carbon neutral application.