The European Commission is set to launch its highly anticipated Hydrogen Bank this week as part of its efforts to boost the use of renewable hydrogen in the EU’s energy mix. This initiative aims to make €800 million available from European funds to support the industry and encourage private investment.

As the bloc continues to work towards decarbonization, green hydrogen is expected to play a crucial role in achieving its emission reduction goals by 2050. European Commission Executive Vice President Maroš Šefčovič emphasized the importance of leading in new technology development and demonstrating that it is possible to replace fossil fuels with clean hydrogen sources.

Despite accounting for less than 2% of Europe’s energy consumption in 2022, hydrogen has significant potential as a clean energy source. The EU’s priority is to develop renewable hydrogen, aiming to produce 10 million tonnes and import another ten million by 2030.

The EU’s Hydrogen Week in Brussels brings together stakeholders from various sectors, including policymakers, researchers, and industry leaders, to further advance the development and use of hydrogen as a sustainable energy source. In light of recent energy crises in Europe, there is increasing emphasis on producing renewable hydrogen within Europe, particularly in countries with substantial wind and solar resources.

However, challenges remain regarding infrastructure and investment in renewable hydrogen production. Several projects are already underway across Europe, such as Germany’s plans for a 400-mile hydrogen pipeline under the North Sea and an underwater pipeline between Spain and France. Collaborations with countries like South Africa, Brazil, and Saudi Arabia will also continue to play a vital role in shaping the EU’s renewable hydrogen strategy.

Overall, this new initiative from the European Commission marks a significant step forward towards transitioning away from fossil fuels towards a more sustainable future powered by cleaner forms of energy like green hydrogen.