Almost two thirds of oil & gas companies are currently investing in green hydrogen, while more than half of utilities are doing so, according to a global survey of 300 energy and utility companies by French consultancy Capgemini.

The wide-ranging study, Powering sustainability: Why energy and utility companies need to act now and help save the planet, shows that 63% of oil & gas companies are investing in green H2 (derived from renewables-powered water electrolysis), compared to 55% of utilities.

These figures take into account oil & gas companies operating throughout the value chain, including those involved in exploration, production, refining, pipes, marketing, sales and services — while utilities includes water, waste management and environmental services companies, as well as electricity providers.

Despite the enthusiasm for green hydrogen, Capgemini points out that renewable energy is “not yet scaled in many countries” and that green H2 is “yet to be proven to work at a global scale”.

Other findings in the report suggest that oil & gas companies and utilities may be more forward-thinking than some might expect.

For instance, a majority of oil & gas companies and utilities are currently investing in corporate power-purchase agreements (65% and 61% respectively), demand response (57%; 64%), energy efficiency services (65%; 60%), and “self-consumption and storage of energy” (67%’ 64%).

At the same time, around a quarter of all energy and utility companies are currently investing in vehicle-to-grid applications, Internet of Things services and electric-vehicle-related services.

The report also states that there are strong financial reasons for companies to increase their sustainability ambitions.

“Over six in ten organizations said that they have already generated a revenue increase from sustainable operations such as solar, wind power generation and energy services,” it says.

“As economic recovery packages are linked to the energy transition objectives (such as the European Green Deal), companies that are ahead in sustainability will reap significant rewards, including maintaining their license to operate, access to capital, and better customer acceptance.”