Mr Ratcliffe, Ineos founder, added: “Hydrogen is the dream fuel. You can heat your home with it. You can drive your car on it. Burn it and all it produces is energy and the only by product is water.
"We can all live with that. The world has committed to hugely reducing its carbon emissions and hydrogen is unquestionably going to play a large part in accomplishing this goal.”
Ineos, which has a massive industrial complex and headquarters in Grangemouth, already produces and uses 400,000 tonnes of low carbon hydrogen every year – the equivalent of replacing up to two billion litres of diesel.
Now Ineos Automotive is also exploring new opportunities in the hydrogen economy, with a hydrogen fuel cell demonstrator of its very own Grenadier 4x4 now in development.
Ineos is also launching a major hydrogen advocacy campaign to draw attention to both the benefits and applications of hydrogen. The campaign will include significant billboard and digital advertising in London and Glasgow, a UK hydrogen bus tour and the exhibiting of a hydrogen powered car at COP 26.
Mr Ratcliffe said: “Hyundai, BMW and Mercedes have many demonstration hydrogen engines happily driving around. We will have a hydrogen INEOS Grenadier on test next year. This piece of the jigsaw is the most advanced.”
In the longer term, the company believe hydrogen’s other massive contribution to the reduction of greenhouse gases will be in the home heating space, where natural gas can be replaced by hydrogen which could cut greenhouses gases by up to a third on its own.
An Ineos spokesperson said: “Wherever possible Ineos will continue to prioritise the production of green hydrogen, which is made from water using electrolysis powered by renewable energy.
"We are also investing in the production of blue hydrogen when the carbon produced can be safely captured and stored underground.”
Mr Ratcliffe added: “The infrastructure, clearly critical, needs government push on legislation and investment. The German government is well advanced with nine
billion Euros committed and over 200 filling stations operational. The UK government has yet to get out of the blocks but hopefully soon will.”