The European Commission plans to create a European hydrogen bank with a budget of 3 billion euros
The European Commission plans to create a new European Hydrogen Bank to invest 3 billion euros in creating the future hydrogen market. This was announced on September 14, 2022 by the President of the European Commission, Ursula von der Leyen, in her address to the EU countries.
As she explained, the transformation had begun. Hydrogen can become revolutionary for Europe by changing the “rules of the game”.
“We need to move our hydrogen economy from a niche to a massive market. In the REPowerEU plan, we have doubled our goal by 2030 to produce 10 million tons of renewable hydrogen in the EU every year. To do this, we must create a hydrogen market to bridge the investment gap and link future supply and demand,” said Ursula von der Leyen.
“That is why I can announce today that we will create a new European Hydrogen Bank. It will help to guarantee the purchase of hydrogen, in particular, using funds from the Innovation Fund. It will be able to invest 3 billion euros to help build the future hydrogen market. This is how we fuel the economy of the future. This is the European Green Deal,” added the President of the European Commission.
Ursula von der Leyen also said that Europe must completely get rid of dependence on Russian energy carriers and presented a number of measures for this.