{"id":25571,"date":"2022-09-21T09:23:17","date_gmt":"2022-09-21T08:23:17","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=25571"},"modified":"2022-12-02T15:43:03","modified_gmt":"2022-12-02T15:43:03","slug":"e3-billion-hydrogen-bank-ensures-europes-hydrogen-economy","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/e3-billion-hydrogen-bank-ensures-europes-hydrogen-economy\/25571\/","title":{"rendered":"\u20ac3 billion hydrogen bank ensures Europe\u2019s hydrogen economy"},"content":{"rendered":"

Ursula von der Leyen, the President of the European Commission, has announced a groundbreaking development, revealing the creation of a European Hydrogen Bank.<\/h2>\n

The Hydrogen Bank will invest \u20ac3 billion to capitalise on the rapidly developing hydrogen economy, helping Europe to forge a future market for hydrogen in Europe, alleviating the continent\u2019s reliability on fossil fuels and sustainably powering the journey toward carbon neutrality.<\/p>\n

Ursula von der Leyen commented: \u201cTo achieve this, we must create a market maker for hydrogen in order to bridge the investment gap and connect future supply and demand. Therefore, I announce that we will create a new European Hydrogen Bank.<\/p>\n

\u201c<\/strong>It will help guarantee the purchase of hydrogen, notably by using resources from the Innovation Fund. It will be able to invest \u20ac3bn to help build the future market for hydrogen. This is how we power the hydrogen economy of the future.\u201d<\/p>\n

Europe\u2019s hydrogen economy ambitions<\/h3>\n

Hydrogen is an essential component of the European Green Deal \u2013 the EU\u2019s long-term plan to achieve climate neutrality across Europe by 2050. It also aims to reduce net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels.<\/p>\n

Currently, hydrogen accounts for less than 2% of Europe\u2019s energy consumption, with 96% of this hydrogen production being via natural gas, which causes substantial amounts of CO2 <\/sub>emissions. To make hydrogen a viable aspect of Europe\u2019s energy system, the EU is championing methods to obtain renewable hydrogen through solar and wind resources to decarbonise the continent.<\/p>\n

REPowerEU<\/h3>\n

Published in May this year, the REPowerEU plan<\/a> set ambitions to reduce its dependency on Russian fuel imports. REPowerEU\u00a0plan\u2019s target is to produce 10 million tonnes and\u00a0import 10 million tonnes of renewable hydrogen\u00a0in the EU by 2030, a significant increase from the initial target of 5.6 million tonnes.<\/p>\n

Ursula von der Leyen said: \u201cWe need to move our hydrogen economy from niche to scale. With REPowerEU, we have doubled our 2030 target to produce ten million tonnes of renewable hydrogen in the EU each year.\u201d<\/p>\n

To facilitate these goals, the EU is focusing on accelerating the uptake of renewable hydrogen, ammonia<\/a>, and other derivatives in hard-to-decarbonise sectors, such as transport and energy-intensive industrial processes.<\/p>\n

The development of the new Hydrogen bank will be a landmark step toward achieving these goals, ensuring the future of Europe\u2019s hydrogen economy.<\/p>\n","protected":false},"excerpt":{"rendered":"

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