{"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":"
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 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>\nEurope\u2019s hydrogen economy ambitions<\/h3>\n
REPowerEU<\/h3>\n