The $147 Billion Green Hydrogen Bubble That BP Helped Burst (1)

Australia’s long-held ambitions to tap its abundant renewable resources and vast uninhabited landmass to become a global green hydrogen leader are fast unraveling.

Despite strong government backing and significant private sector interest, at least seven big hydrogen production projects have been delayed, scaled back, or canceled in the last year. Chief among them was BP Plc’s decision last week to exit a $36 billion facility in the Pilbara region of Western Australia, which had targeted starting production this decade.

Around the world, project withdrawals have accelerated as developers struggle to secure customers willing to pay a premium for the ...