Britain's BP plans to withdraw from a $36 billion Australian green hydrogen project.

British Petroleum will withdraw from its planned construction of a large green hydrogen production facility in Australia and focus on fossil fuels. The cost of the project was estimated at around $36 billion at one point. A spokesperson for BP stated that the company has informed its partners in the Australian renewable energy center of its plan to exit the project. Green hydrogen was once touted as a key way for oil giants to profit from the energy transition, but so far, the high costs and inability to produce on a large scale have been issues.