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The European Hydrogen Bank
- Mar 17, 2023 12:02 pm GMT
Ambitious targets for the production and consumption of hydrogen and its derivatives by 2030.
There is no doubt that renewable and low-carbon hydrogen will become competitive compared to emission-intensive hydrogen, conventional fuels, and carriers like oil, coal, and gas in the long term. However, the upscaling of the technologies and the development of large-scale projects face several market and regulatory risks. Therefore, the hydrogen sector needs concrete public support and a coherent regulatory framework until it can achieve full-scale competitiveness in the global market.
Years ago, the EU provided incentives and an enabling regulatory framework for the upscale of wind and solar technologies, making them the sound business case they are today. The same needs to happen with hydrogen. Hydrogen Europe welcomes the European Commission’s announcement regarding the creation of a Hydrogen Bank, that will act as a major funding scheme to ramp up the hydrogen value chain. It will be a market-making tool supporting both the domestic production and consumption of renewable and low-carbon hydrogen and the import of hydrogen and its derivatives, helping to achieve European targets for decarbonisation.
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