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Bold financial support for the development of the hydrogen economy in the EU, the Commission is launching, with the establishment of a European Hydrogen Bank, which will support the implementation of investments of 3 billion euros in this new sector.

The announcement was made by the President of the Commission, Ursula von der Leyen, in her recent speech on the State of the Union in 2022, pointing out that the Bank's mission will be to contribute to the provision of guarantees for the hydrogen market, making particular use of the resources of the Innovation Fund . "Hydrogen must be transformed from a segment of the market it currently occupies into a mass market," he noted.

In addition to contributing to the reduction of pollutant emissions, at the given moment the E.U. looks forward to strengthening the position of hydrogen in the energy mix, for the further reduction of gas imports and, consequently, shielding the Energy security of the "Old Continent"

In this context, the President of the Commission recalled the goal set through the REPowerEU project, so that by 2030 the European Union will produce 10 million tons of renewable hydrogen annually. By then, Europe will also have increased its imports of the "green" fuel by 10 million tonnes, accelerating the phase-out of natural gas from activities that are difficult to electrify, such as heavy vehicles.

Brussels believes that the Bank will act as a catalyst in this direction, being a market facilitator, so as to cover the investment gap and ensure the matching between future supply and demand. "Hydrogen needs to be transformed from a market segment where it is today to a mass market," Ms Laien pointed out.

Ambitious "green" targets

The announcement was welcomed by Hydrogen Europe, underlining through its head, Giorgos Hatzimarkakis, that the Bank is the appropriate instrument to achieve a balance between supply and demand for fuel.

According to Hydrogen Europe, the European hydrogen economy will also be boosted by the new Renewable Energy Sources Directive (REDII), also voted last week by the European Parliament, which sets ambitious and binding targets for renewable energy sources , as well as the simplification of the corresponding regulatory framework.

Parliament has committed the total contribution of renewable energy to 45% of the total energy mix by 2030, so that renewable fuels of non-biological origin (RFNBO) make up at least 5.7% of all fuels by 2030, including 1 .2% in the shipping sector. Also, 50% of industry by 2030 will have switched to the use of "green" hydrogen, a percentage that will increase to 70% by 2035.

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