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 will make €800 million available from European funds to support the industry and encourage private investment.

The Commission Executive Vice President, Maroš Šefčovič, has emphasized the importance of green hydrogen in achieving the EU’s emission reduction goals by 2050. He stated that hydrogen production can replace fossil fuels in various industries such as steel production and vehicle powering, thereby reducing carbon emissions.

Currently, hydrogen accounts for less than 2% of Europe’s energy consumption and is mainly used for producing chemical products. However, the EU aims to produce 10 million tonnes of renewable hydrogen by 2030 and import another ten million tonnes from other countries. This will play a crucial role in diversifying Europe’s energy mix and reducing its dependence on fossil fuels.

The Hydrogen Week in Brussels brings together policymakers, researchers, and industry leaders to further advance the development and use of hydrogen technology in Europe. With recent energy crises highlighting the need for sustainable energy sources within Europe, there is a growing focus on developing infrastructure for renewable hydrogen production within member states that have abundant wind and solar resources.

In addition to domestic projects such as Germany’s proposed North Sea pipeline project, collaborations with countries like South Africa, Brazil, and Saudi Arabia are crucial in advancing Europe’s renewable hydrogen strategy. These partnerships will provide access to new technologies and resources that can help accelerate Europe’s transition towards a low-carbon economy.

Overall, the launch of the Hydrogen Bank marks an important step towards achieving Europe’s goal of becoming carbon neutral by 2050 through increased adoption of renewable energy sources such as green hydrogen.