But it’s not just about targets. Green hydrogen projects are underway across Europe, with many facilities set to come online over the next decade.

OMV is actively working to lead the development and deployment of green hydrogen technologies. In 2024, we are about to begin operations at the largest electrolyser plant in Austria. The plant will be powered entirely by hydroelectric, wind and solar energy via power purchase agreements (PPAs) and have a production capacity of 10 MW. This will give us the means to produce green hydrogen for the first time and so save up to 15,000 metric tons of CO2 a year. OMV Petrom received funding for two more green hydrogen electrolyzers, with a combined capacity of 55MW, at the Petrobrazi refinery in Romania.

And we’re not stopping there. We are advancing plans for a significantly larger electrolysis plant, with an annual production capacity of up to 200 MW, near our Schwechat refinery in Austria. Subject to a final investment decision, operations are planned to begin in 2027.

Myth: Green hydrogen is the answer to decarbonization

The potential for green hydrogen is immense, but it is important to keep in mind that it is one part of a greater puzzle. While green hydrogen is a versatile and important tool for decarbonization, it’s not a universal solution – nor should it be, to ensure energy security.

Green hydrogen is theorized to be best suited to transform hard-to-abate sectors like heavy industry and long-distance transport. A diverse mix of clean energy solutions will be needed for full decarbonization across use cases. That’s why alongside green hydrogen, OMV is committed to exploring other promising avenues for alternative energy, including geothermal and e-mobility. There are many roads to a greener, more sustainable future. We should not limit ourselves to exploring only one.

The facts about green hydrogen’s future

Today, the green hydrogen economy stands at the border of transformation from a theoretical solution to a game-changing innovation.
The number of projects in the pipeline has grown sevenfold from 2020 to 2024 and Europe is leading the way, with 40% being developed here. Saudi Arabia’s NEOM Green Hydrogen Project is set to become the world’s largest when it comes online, giving us an exciting glimpse into the future.

Yet while the industry is set to continue expanding in the coming years, its growth must take off even further to meet the 2050 Paris Agreement targets.

By fostering collaboration, addressing misconceptions, and driving technological advancements, we can accelerate the integration of green hydrogen into our energy landscape, creating a more sustainable and prosperous industry for generations to come.

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