Siemens Energy and Air Liquide's plan for a joint venture represents the latest attempt by multinational firms to lay down a marker in the green hydrogen sector. Just last week, oil and gas supermajor BP said it had agreed to take a 40.5% equity stake in the Asian Renewable Energy Hub, a vast project planned for Australia. In a statement, BP said it would become the operator of the development, adding that it had "the potential to be one of the largest renewables and green hydrogen hubs in the world." In Dec. 2021, Iberdrola and H2 Green Steel said they would partner and develop a 2.3 billion euro (around $2.42 billion) project centered around a green hydrogen facility with an electrolysis capacity of 1 gigawatt.