Chemical giant Ineos is to invest around £1.69 billion in green hydrogen production.

The company said it will be Europe’s largest ever investment in electrolysis projects to make green hydrogen with the potential to “transform” zero carbon hydrogen production.

The first plants will be built in Norway, Germany and Belgium in the next 10 years with investment also planned in the UK and France.

Ineos chairman Sir Jim Ratcliffe said: “Green hydrogen represents one of our best chances to create a more sustainable and low carbon world.

“Europe is crying out for more investment in green hydrogen and Ineos’ announcement today shows our determination to play a leading role in this important new fuel.”

Ineos is developing projects in Belgium, France and the UK and expects to announce further partnerships with leading organisations involved in the development of new hydrogen applications.

The Ineos hydrogen business will have its headquarters in the UK and aims to build capacity to produce hydrogen across its network of sites in Europe, in addition to partner sites where hydrogen can accelerate decarbonisation of energy.

The company added that it intends to work closely with European Governments to ensure the necessary infrastructure is put in place to facilitate hydrogen’s role in the new green economy.

Andy Prendergast, GMB national secretary, said: “Green hydrogen has the potential to go a huge way towards meeting our future heating needs.

“It is an efficient, sustainable, green fuel and could safeguard tens of thousands of gas jobs and the communities that they support.

“This technology can utilise the current infrastructure, and investments like these offer a way forward for the industry to achieve net zero targets in a way that is both environmentally sustainable and deliverable.”