Big oil companies are hedging slower growth in gasoline demand with major bets on petrochemicals.

The U.S. Department of Energy said on Wednesday it has awarded up to $2.2 billion to centers on the Gulf Coast and in the Midwest to develop hydrogen, an emerging source of energy that is expensive to produce using renewable power.

Despite nations’ pledges at Cop28 a year ago, the burning of coal, oil and gas continued to rise in 2024