The US$147b green hydrogen bubble that BP helped burst

(Image: The Washington Post)

Mon, 04 Aug 2025

By Keira Wright, Sing Yee Ong, William Mathis and Will WadeAustralia’s long-held ambitions to tap its abundant renewable resources and vast uninhabited landmass to become a global green hydrogen leader are fast unravelling.Despite strong government backing and significant private sector interest, at least seven big hydrogen production projects have been delayed, scaled back, or cancelled in the last year. Chief among them was BP Plc’s decision last week to exit a US$36 billion (NZ$61.3b) facility in the Pilbara region of Wester...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Property

Summerset hastens care model pivot; govt subsidy 'suboptimal'

Summerset wants 75% of its care units to have an upfront license-to-occupy payment.

Gregor Thompson 12:05pm

Markets

Engine repairs drag on for Air NZ

Another ‘hard‘ year for the national carrier, weak FY26 ahead.

Pattrick Smellie 11:55am

Markets

Rakon power struggle ends, Witten to walk

In an exclusive statement, Brent Robinson reveals a new board will be in place in weeks.

Rebecca Stevenson 9:20am

Rakon power struggle ends, Witten to walk

Sponsored

A two-track approach to cracking NZ’s EV charging puzzle

Z Energy aims to support easing adoption bottlenecks by targeting the distinct needs of habitual and journey EV drivers.

Z Energy

Sponsored

AI efforts risk failure without clear business goals – Spark

It’s time for New Zealand businesses to move beyond AI experiments and start delivering measurable value.

Spark

More Energy

Markets

Market underwhelmed by Genesis outlook

The company says it’s still on track for $500m+ ebitda in FY28.

Pattrick Smellie 26 Aug 2025

News in Brief

Vector takes $37 million impairment

NZX-listed energy distributor Vector took a $37 million impairment in its latest result to reflect fewer gas connections and “significant market uncertainty” over future gas supply.The impairment reflected forecasts in the company’s gas asset management plan that showed total con...

Staff reporters 25 Aug 2025