Credit Agricole CIB Joins Hydrogen Council

By Maitane Sardon

The corporate and investment banking arm of Credit Agricole SA(ACA.FR) said Friday that it has joined the Hydrogen Council as it works toward helping its clients adopt clean hydrogen as an energy source.

The bank said it will be part of an investor group within the Hydrogen Council, a coalition of CEOs working to increase investment in the development and commercialization of hydrogen. It said its role will be to support projects and finance and advise new players.

Hydrogen doesn't release carbon dioxide or other greenhouse gases into the atmosphere when burned with oxygen and can be used to power different types of transportation. According to the Hydrogen Council, 18% of the global energy demand could be met by hydrogen by 2050, which would reduce GHG emissions by 20% of the amount required to reach the Paris Agreement goals. However, additional investments of $25 billion a year for 10 years are needed to achieve this, the Hydrogen Council says.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

January 24, 2020 05:41 ET (10:41 GMT)

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