Spain's Moeve, the country's second-largest oil company, is set to begin work on its green hydrogen plant this year following regulatory developments. The rejection of an energy windfall tax extension by Spain's parliament has given Moeve the necessary regulatory certainty to proceed with its flagship green hydrogen project. The Chief Executive, Maarten Wetselaar, highlighted the importance of this decision, mentioning that the tax issues had previously hindered the industry's progress, but now the removal of the windfall tax barrier will allow for significant investments in green hydrogen. Moeve plans to start building the green hydrogen project in Huelva this year and aims to have the world's first 400 MW plant operational by 2027. The company, owned by Abu Dhabi's Mubadala and the Carlyle Group, is focusing its investments on sustainable activities, with a particular emphasis on green hydrogen production, biofuels, and electric mobility. By transitioning to low carbon energy sources, Moeve intends to generate most of its profits from sustainable ventures by the end of the decade. The shift towards green hydrogen aligns with the European Commission's goals of producing up to 10 million metric tons of renewable hydrogen by 2030 and reducing reliance on Russian energy imports. Overall, the development signifies a positive step towards sustainable energy practices and investments in the region.