The European Commission is set to launch its highly anticipated Hydrogen Bank this week, with the goal of increasing the use of renewable hydrogen in the EU’s energy mix. The bank aims to make €800 million available from European funds to support the industry and encourage private investment.
The development of green hydrogen is expected to play a critical role in the EU’s efforts to decarbonize and achieve its emission reduction targets by 2050. European Commission Executive Vice President Maroš Šefčovič emphasized the importance of leading in the use of new technologies and demonstrating the ability to replace fossil fuels with clean hydrogen. The bloc aims to produce 10 million tonnes of renewable hydrogen and import another 10 million by 2030.
In 2022, hydrogen accounted for less than 2% of Europe’s energy consumption, mainly used for producing chemical products. However, there is an urgent need for infrastructure and investment in renewable hydrogen production. Several projects are already underway, including Germany’s proposal to build a 400-mile hydrogen pipeline under the North Sea and an underwater pipeline between Spain and France. Additionally, collaborations with countries like South Africa, Brazil, and Saudi Arabia will continue to play a vital role in the EU’s renewable hydrogen strategy.
The EU’s Hydrogen Week in Brussels aims to bring together policymakers, researchers, and industry leaders to further develop and promote the use of renewable hydrogen. The recent energy crisis in Europe has highlighted the importance of domestic hydrogen production, particularly in countries with substantial wind and solar resources. By investing in renewable energy sources like green hydrogen, Europe can reduce its reliance on fossil fuels and contribute towards global climate goals.
Overall, it is essential that governments prioritize investments in renewable energy sources like green hydrogen as they work towards decarbonizing their economies. With ongoing collaboration among stakeholders like policymakers, researchers, industry leaders, governments must continue working together to develop sustainable solutions that will pave the way for a cleaner future.
In conclusion, the launching of Europe’s Hydrogen Bank marks an important milestone towards transitioning from traditional fossil fuel sources to more sustainable alternatives such as green hydrogens. With ambitious goals set for production levels by 2030 and ongoing collaborations with international partners like South Africa