European Commission Launches Hydrogen Bank with €800 Million to Boost Renewable Hydrogen

Initiative Aims to Accelerate the Role of Green Hydrogen in Achieving EU Emission Reduction Goals. The European Commission will inaugurate this week its much anticipated Hydrogen Bank in order to support the increase of renewable hydrogen in the EU’s energy mix.

  1. Inauguration of Hydrogen Bank:

    • The European Commission is set to inaugurate its Hydrogen Bank this week, a highly anticipated initiative aimed at promoting and increasing the use of renewable hydrogen in the European Union’s energy mix.
  2. Financial Support and Private Investment:

    • The Hydrogen Bank will make €800 million available from European funds to support the hydrogen industry. The goal is to provide financial assistance to the sector while encouraging private investment in green hydrogen projects.
  3. Decarbonization and Emission Reduction Goals:

    • Green hydrogen is expected to play a pivotal role in the EU’s decarbonization efforts, contributing to the achievement of emission reduction goals set for 2050.
    • Commission Executive Vice President Maroš Šefčovič emphasized the ambition to position the EU as a global leader in adopting new technologies, replacing fossil fuels with green hydrogen, and achieving a low or zero-carbon footprint in industries like steel production and transportation.
  4. Current Hydrogen Consumption in the EU:

    • In 2022, hydrogen accounted for less than 2% of the EU’s energy consumption, primarily used for producing chemical products like plastics and fertilizers.
  5. Renewable Hydrogen Production Targets:

    • The EU’s priority is to develop renewable hydrogen, with a target to produce 10 million tonnes domestically and import an additional ten million by 2030.
  6. Hydrogen Week in Brussels:

    • The Hydrogen Week in Brussels, launched on Monday, aims to facilitate collaboration between the European Commission, policymakers, researchers, and the industry to advance hydrogen-related initiatives.
  7. Addressing Energy Crisis and Importing Hydrogen:

    • Hydrogen Europe CEO Jorgo Chatzimarkakis highlighted the potential of hydrogen to address Europe’s energy crisis, especially considering countries with abundant wind and solar resources like Spain, Ireland, and Denmark.
    • While local production is essential, the EU is also exploring partnerships for hydrogen imports, welcoming countries such as South Africa, Brazil, and Saudi Arabia.
  8. Infrastructure and Projects Underway:

    • Despite the need for infrastructure development and increased investment, several projects are already in progress. Germany has proposed a 400-mile hydrogen pipeline under the North Sea, and plans for an underwater pipeline between Spain and France for transporting green hydrogen are underway.

The Hydrogen Bank initiative underscores the EU’s commitment to advancing green hydrogen as a key element in its transition to a sustainable and low-carbon energy future.

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