The aim of this paper is to analyze the factors affecting hydrogen as well as Carbon Capture and Storage Technologies (“CCS”) policies with refer to countries’ upstream capacity of hydrocarbon activities. By using a panel data of 79 countries in 20 years, the interactive model will take into consideration Oil Reserves in relationship with Fossil Fuel Consumption, Blue or Green hydrogen projects and other variables with respect to countries. Stata 17 was used for the analysis. The results confirm the hypothesis that countries with high fossil fuel consumption rather invest in blue hydrogen instead of green, towards a “zero-carbon-emission” perspective, but oil capacities and reservoirs still pushes down energy transition. Moreover, those countries which are able to invest in hydrogen projects have good institutional and economic situation to do so. Future research should exploit Green Finance policy decision criteria on green and blue hydrogen.

Keywords: blue hydrogen, green hydrogen, oil reserve, sustainability, energy transition, carbon capture and storage.