The article outlines strategies of the largest European energy companies in the context of the EU climate policy aiming to accelerate the transition to a low carbon paradigm of development. For European oil and gas companies, the development of clean hydrogen projects is a natural policy since oil processing is the largest final consumer of hydrogen. Opportunities to increase production of new low-carbon energy sources are critical for European energy companies. It is concluded that hydrogen energy in Europe is developing in accordance with the algorithm previously applied in the sector of green renewable electricity. The driver of hydrogen projects is the political choice of the EU in favor of the green economy and decarbonization. Relatively high production costs allow companies to develop green hydrogen projects only relying on government support and large-scale subsidies from national and European budgets.