INEOS, the world's third-largest chemicals company, will invest $2.3 billion in green hydrogen projects across Europe over the next 10 years, the company announced this week.

The first green hydrogen plants will be built in Norway, Germany, and Belgium with projects also planned for the UK and France. INEOS is already Europe's largest operator of electrolysis.

“Green hydrogen represents one of our best chances to create a more sustainable and low carbon world," INEOS Chairman Jim Ratcliffe said. "Europe is crying out for more investment in green hydrogen and INEOS’ announcement today shows our determination to play a leading role in this important new fuel."

The first project, a 20 MW electrolyzer producing green hydrogen through electrolysis of water, will be built in Norway. A 100 MW electrolyzer will be built in Germany to produce green hydrogen at INEOS's Koln site.

Hydrogen is a crucial piece to the UK's goal of reaching net-zero carbon emissions by 2050.

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