Air Products has made a commitment to spend at least $4 billion (£3.3bn) in additional capital for its transition to clean energy over the next five years.

That brings its total commitment to “first-mover” projects to $15 billion (£12.4bn) through 2027.

It has also announced a new goal to reduce its carbon emissions intensity for Scope 3 emissions by a third by 2030, in addition to its existing Scope 1 and 2 targets and pledge to reach net zero emissions by 2050.

Air Products has identified “tangible” transition plans for new investments and modifications of existing assets, including low and zero carbon hydrogen, to achieve its net zero goal.

In addition, the company plans to continue increasing its renewable energy use, convert its fleet of around 2,000 trucks to hydrogen fuel cell vehicles.

Seifi Ghasemi, Air Products’ Chairman, President and Chief Executive Officer said: “These commitments complement and reinforce our growth strategy of building our business to deliver climate benefits and work alongside our customers on their sustainability journey.

“Air Products is uniquely positioned to bring together its portfolio of technologies and legacy of experience to ensure the future climate benefits generated by our first-mover projects come online at a crucial moment in the energy transition. We continue to see significant opportunities for hydrogen and carbon capture technologies and our industry-leading $15 billion capital commitment is further demonstration of sustainability being at the heart of our business and growth.”