The European Commission is set to launch its much-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 use of green hydrogen is expected to be crucial in the EU’s efforts to decarbonize and achieve its emission reduction goals by 2050. European Commission Executive Vice President Maroš Šefčovič emphasized the importance of leading in the use of new technologies and replacing fossil fuels with green hydrogen, which can produce low or no carbon footprint steel and power vehicles without pollution.
In 2022, hydrogen accounted for less than 2% of the bloc’s energy consumption and was primarily used for producing chemical products. However, the EU’s priority is to develop renewable hydrogen, aiming to produce 10 million tonnes and import another ten million by 2030. This will require significant investment in infrastructure, as well as collaboration with other countries such as South Africa, Brazil, and Saudi Arabia.
The Hydrogen Week in Brussels brings together key stakeholders including the European Commission, policymakers, researchers, and industry leaders to further advance the development and use of hydrogen. The recent energy crisis has highlighted the importance of investing in renewable energy sources like hydrogen within Europe, particularly in countries with substantial wind and solar resources.
However, despite ongoing projects such as Germany’s proposal for a 400-mile hydrogen pipeline under the North Sea and an underwater pipeline between Spain and France, there is still a need for significant investment in infrastructure to support renewable hydrogen production at scale.