We’re used to pointing the finger at oil and tech giants when it comes to energy demand. But there’s one sector that consumes more electricity than many big tech and oil companies—and one that rarely makes the headlines: industrial gas producers. Nitrogen, oxygen, helium, hydrogen. These gases support our daily lives—from toothpaste to MRI scans—but producing and shipping them safely consumes staggering amounts of electricity.
Three companies dominate a global market worth $120 billion: Linde, Air Liquide, and Air Products. Together, they control about 70% of the industry. Yet, while data centers dominate headlines and attract capital, these companies remain largely “invisible” to the public: their customers are steel mills, refineries, and heavy chemical plants—not the average consumer.
The heart of their operations lies within the air separation units (ASUs): gigantic compressors cool the air until it becomes liquid and then distill it into its components. This is an extremely energy-intensive process, which, according to analyses by civic groups, accounts for about 2% of CO2 emissions in China and the United States on its own. Added to this are energy-intensive process gases—hydrogen, carbon monoxide, and acetylene—which are essential for the chemical industry and welding.
Linde Beats Google
The numbers speak for themselves. In 2024, Linde consumed more electricity than Google and Samsung, and even surpassed TotalEnergies; Air Liquide and Air Products are on par with Shell and Microsoft. But while fossil fuel and digital brands are household names, industrial gas suppliers remain outside the public discourse. Not because they are irrelevant, but because of their distance from the end consumer.
On the climate front, the picture is mixed. Direct emissions and emissions from purchased energy (Scopes 1 and 2) from major gas companies are comparable to those of some major oil and retail companies. What about their goals? According to the campaign group Action Speaks Louder, Linde has set a net-zero target for 2050, but by 2028 it aims only to reduce emissions intensity (CO2 per unit of energy), leaving open the possibility that absolute emissions could rise along with production. The company promises to address this limitation with an absolute 35% reduction by 2035 compared to 2021.
On paper, Air Products has the most ambitious goal: starting from 23% renewable energy in 2023, it aims to exceed 90% by 2030. This is a remarkable goal, though it is clouded by disclosures deemed insufficient: it is unclear how much green electricity comes from direct contracts and how much from certificates. The company promises to provide more details in its next report.
Air Liquide falls somewhere in the middle: net-zero by 2050 and a renewable energy target for 2035; most importantly, it reports having electrified over 90% of its ASUs, reducing consumption and improving efficiency compared to gas-fired steam plants. But here, too, gaps in transparency among subsidiaries and significant use of unmatched certificates are evident. The company specifies that, where markets permit, direct purchases (PPAs) can be “supplemented” by unmatched attributes, which accounted for 18% of its voluntary supply in 2024.
The pressure is rising
The pressure is mounting. ShareAction, another financial activism group, concluded this spring that strategies for the transition to renewables are “not robust.” With clean energy prices falling and electrification promising greater efficiency, the accusation is serious: not only emissions, but also shareholder value is being left on the table.
The underlying issue is industrial rather than reputational: how can we decarbonize an inherently energy-intensive sector without undermining its critical role in the global production chain? The answers lie in long-term contracts for additional renewable generation, deep electrification of processes, efficiency at every stage—from compressors to the optimization of logistics networks—and reporting that rigorously distinguishes between truly green electricity and accounting attributions. Which means spending money. A lot of money.
