Toyota, Honda, Hyundai, Total and Shell are among the major carmakers and energy giants that are joining forces to invest €10.7 (£9.2m) in hydrogen technologies in the next five years.
A total of 13 energy, transport and industrial companies are forming ‘Hydrogen Council’ to highlight its benefits and the role it can play in the transition to a clean, low carbon energy system.
The Council will work with and provide recommendations to policymakers, business and hydrogen players, international agencies and civil society to achieve the goals.
During the launch in Davos, Switzerland last week, the members – including Air Liquide, Alstom, Anglo American, BMW, Daimler, ENGIE, Kawasaki and The Linde Group – pledged to invest €1.4 billion (£1.2bn) a year in the development of the hydrogen and fuel cell sectors.
Takeshi Uchiyamada, Toyota Chairman said: “The Hydrogen Council will exhibit responsible leadership in showcasing hydrogen technology and its benefits to the world. It will seek collaboration, cooperation and understanding from governments, industry and most importantly, the public.
“At Toyota, we have always tried to play a leading role in environmental and technological advances in the automotive industry, including through the introduction of fuel cell vehicles. Moreover, we know that in addition to transportation, hydrogen has the potential to support our transition to a low carbon society across multiple industries and the entire value chain. The Hydrogen Council aims to actively encourage this transition.”