Toyota Motor Corp. and four of its biggest car-making peers are joining oil and gas giants including Royal Dutch Shell Plc and Total SA with plans to invest a combined 10 billion euros ($10.7 billion) in hydrogen-related products within five years. In all, 13 energy, transport and industrial companies are forming a hydrogen council to consult with policy makers and highlight its benefits to the public as the world seeks to switch from dirtier energy sources, according to a joint statement issued from Davos, Switzerland. The wager demonstrates that batteries arenâ€™t the only way to reduce pollution from cars, homes and utilities that are contributing to climate change.
â€œThe world of energy is transforming very, very fast,â€ Shell CEO Ben Van Beurden said on the sidelines of the World Economic Forum in Davos. â€œHydrogen has massive potential.â€
Fuel cell vehicles are a cornerstone of Toyotaâ€™s plan to rid 90 percent of carbon dioxide emissions from its vehicles by 2050. The automaker has long contended itâ€™s more likely to convince consumers to use gasoline-electric hybrids and fuel cell vehicles rather than battery-electric autos, which tend to have less driving range and take longer to recharge than filling up with gasoline or hydrogen.