The European Commission allocates budget to new European Hydrogen Bank
On September 14, European Commission President Ursula von der Leyen announced the creation of a new European Hydrogen Bank. This initiative will receive a whopping € 3 billion to help build a future market for hydrogen.
Why this initiative and this budget?
Hydrogen can be a game changer for Europe. Especially now when almost all of Europe is in the midst of an energy crisis. Hydrogen therefore needs to be moved from niche to scale and replace natural gas, coal, and oil in hard-to-carbonise industries and transport sectors. With REPowerEU, a plan to make Europe independent of Russian fossil fuels, the aim is to produce ten million tons of renewable hydrogen each year. According to Von der Leyen, to achieve this “we must create a market maker for hydrogen, in order to bridge the investment gap and connect future supply and demand.”
Part of the European Green Deal
Hydrogen is an important element of the European Green Deal, a massive roadmap to climate neutrality by 2050. To get there, one of the goals is to reduce emissions by at least 55% by 2030, compared to 1990 levels.
More information on the European Hydrogen bank
The European Hydrogen Bank will most likely come with new funding opportunities for hydrogen innovations and projects. Hezelburcht will keep an eye on how the initiative will progress. Any new developments will be published on our news page.
Are you currently working on a hydrogen project that needs additional funding? There are grants that will help finance your project. Our specialists will be happy to advise and support you with applying for these grants. Contact us for more information!