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Brussels unveils ‘Hydrogen Bank’ with €800m of initial funding
The European Commission wants to lower hydrogen prices by subsidising production, paying a part of the bill for every kilogram of hydrogen produced, a move that drew cheers from the industry and criticism from experts.
Announced in September 2022 by Commission President Ursula von der Leyen, the EU’s Hydrogen Bank is seen as a vital part of the bloc’s goal of producing 10 million tonnes of renewable hydrogen by 2030, on top of the additional 10 million tonnes expected from imports.
But Brussels is also eyeing the business opportunities hydrogen offers.
“Hydrogen is an industry where the EU is still well ahead of global competition,” explained the EU’s Green Deal Chief, Frans Timmermans, late last week “Over 50% of installed electrolyser capacity and over 50% of electrolyser manufacturing capacity is here in the EU,” he pointed out.
Hydrogen, when produced using renewable electricity, is largely climate neutral. If affordable enough, demand for “green” hydrogen is nearly guaranteed in sector like petrochemicals, which currently use dirty hydrogen produced from fossil gas.
“It is clearly a key technology,” Timmermans stressed. But, “only 10% of hydrogen projects have reached the final investment decision.”
Brussels unveils ‘Hydrogen Bank’ with €800m of initial funding
The European Commission has unveiled its highly anticipated proposals for a Net-Zero Industry Act to accelerate the scale-up and manufacturing of clean technologies across the European Union.
The Commission, 16 March, introduced its proposals for a Net-Zero Industry Act aimed at scaling clean technology deployment across the bloc in order to achieve the ambitions of the Green Deal Industrial Plan.
Early drafts of the Net Zero Industry Act set out new targets of at least 40% of clean energy technologies to be manufactured in the EU by 2030, which has been adopted in the current proposals.
President of the European Commission, Ursula von der Leyen, said: “We need a regulatory environment that allows us to scale up the clean energy transition quickly. The Net-Zero Industry Act will do just that.
“It will create the best conditions for those sectors that are crucial for us to reach net-zero by 2050: technologies like wind turbines, heat pumps, solar panels, renewable hydrogen as well as CO2 storage. Demand is growing in Europe and globally, and
Net-Zero Industry Act: European Commission unveils new vision for clean energy revolution
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