Austrian energy company OMV said Monday it was reviewing hydrogen as a potential future fuel choice for drivers and automobile manufacturers.

"We are addressing the challenges of climate change by researching new technologies," OMV Chief Executive Officer Gerhard Roiss said in a statement.

The company said it considered hydrogen the first choice of future fuel. OMV said it's already set aside $26.8 million for research into the hydrogen fuel market.

OMV explains that hydrogen fuels can cut carbon dioxide emissions dramatically when compared with conventionally-powered vehicles.

The transportation sector accounts for the bulk of global greenhouse gas emissions annually.

A June report from the European Commission's Joint Research Center finds that if emissions go unchecked and global temperatures increase as expected, the economic costs could amount to a net welfare loss of 1.8 percent of the current gross domestic product for the European Union.

Austria already has infrastructure in place to support hydrogen-powered vehicles. OMV said it's a partner in an initiative in Germany, which envisions 400 hydrogen filling stations by 2023.