EU set to launch hydrogen bank

In a much anticipated move, and one which could propel hydrogen risks further into the mainstream, the European Commission will this week launch its Hydrogen Bank.

The aim is to support the increase of renewable hydrogen in the EU’s energy mix.

The idea is to make some EUR800 million available from European funds to help the industry and at the same time, incentivise private investment.

Green hydrogen is expected to play a key role in decarbonising the EU so that it can achieve its emission reduction goals by 2050.

“We would like clearly to demonstrate that we are the global leader if it comes to the use of these new technologies,” Commission Executive Vice President, Maroš Šefčovič, (above) said. 

In 2022, hydrogen accounted for less than 2% of the bloc’s energy consumption and was primarily used to produce chemical products, such as plastics and fertilisers.

The priority for the EU is to develop renewable hydrogen and it aims to produce 10 million tonnes and import another ten million by 2030.

The latest developments are part of the bloc’s Hydrogen Week in Brussels, which started on Monday.