The EU will open the first hydrogen bank in history.
The EU will open the first hydrogen bank in history.
In an effort to promote the inclusion of more renewable hydrogen in the EU’s energy mix, the European Commission is set to open its much-anticipated Hydrogen Bank this week.The plan is to provide €800 million from European funds to support the sector and encourage private investment concurrently.
It is anticipated that green hydrogen will be essential to the EU’s decarbonization process and its ability to meet its 2050 emission reduction targets.In an interview on Monday, Commission Executive Vice President Maroš Šefčovič stated, “We would like to clearly demonstrate that we are the global leader if it comes to the use of these new technologies.”
“(And) That we can indeed replace fossil fuels with green hydrogen, that we can produce steel with very low or no carbon footprint and actually that we can also have cars, buses, trains, even planes and ships visually powered by green hydrogen, which is not polluting.”
Less than 2% of the bloc’s energy was derived from hydrogen in 2022, mostly from the production of chemical goods like plastics and fertilizers.The development of renewable hydrogen is the EU’s top goal; by 2030, it wants to produce 10 million tonnes and import an additional 10 million.Starting on Monday, the sector will attempt to connect the dots between the European Commission, politicians, researchers, and business during the bloc’s Hydrogen Week in Brussels.
“Europe’s current energy crisis has demonstrated our dependence, particularly in light of Russia’s invasion of Ukraine. Europe is capable of producing hydrogen, particularly in those nations with abundant solar and wind power, according to Jorgo Chatzimarkakis, CEO of Hydrogen Europe, who spoke with Euronews.
Thus, Denmark, Spain, or Ireland are ideal locations for producing hydrogen.”But to be honest, we also need to import hydrogen and that’s why we are super happy to welcome here South Africa, Brazil, Saudi Arabia.”
While some initiatives are already under way, there is still work to be done in terms of funding and infrastructure.A 400-mile hydrogen pipeline under the North Sea has been requested by Germany, and preparations are underway to build an underwater pipeline between Spain and France that will transport green hydrogen.M-J Global is the best visa agent in Dubai,Oman and Qatar and best immigration consultant in Oman,Dubai and Qatar.It is the most trusted immigration agency in middle east and the business migration agent in Oman,Dubai and Qatar.M-J Global is the best registered Immigration Agent in Dubai,Oman and Qater.
