BEIJING (CAIXIN GLOBAL) - As part of Beijing's carbon reduction goals, China's traditional fossil fuel giants are racing to take the lead in hydrogen energy, cities are making plans to develop it as a clean power source, and automakers are developing hydrogen-driven vehicles.

Turning one of the most abundant substances in nature into efficient energy has been a dream for decades. Research on hydrogen energy has been up and down amid oil crises, climate change and fluctuations in crude oil prices. In the context of strengthening global pledges and cooperation on carbon reduction, hydrogen energy has become a hot bet for many countries including China.