Energy companies BP and Iberdrola have initiated the development of Spain's largest green hydrogen plant in Valencia with a total investment of €70m. The plant, to be located adjacent to BP's Castellón refinery, will utilize renewable electricity from Iberdrola's solar and wind farms to produce 2,800 tonnes of green hydrogen annually. This production capacity is expected to significantly reduce emissions, equivalent to removing 5,000 cars from the road. The project aims to replace the use of grey hydrogen, derived from natural gas, at the refinery, thus supporting industrial decarbonisation efforts. Additionally, the green hydrogen may find applications in challenging-to-decarbonise sectors such as ceramics. Executives from both companies have expressed optimism about the project's significance in advancing industrial decarbonisation and fostering economic growth. BP's Carolina Mesa highlighted the tangible progress made in the decarbonisation initiative, while Iberdrola's Jorge Palomar Herrero emphasized the project's role in establishing a hydrogen value chain within Spain, benefiting local companies and promoting job creation.