EC plans EUR-3bn European Hydrogen Bank

EC president Ursula von der Leyen speaks at State of the Union 2022. Source: EC (Twitter).

September 14 (Renewables Now) - The European Commission (EC) plans to create a new European Hydrogen Bank to invest EUR 3 billion (USD 3.05bn) in the establishment of a future market for hydrogen.

EC president Ursula von der Leyen announced this at her third State of the Union address today, September 14, 2022.

“Hydrogen can be a game changer for Europe. We need to move our hydrogen economy from niche to scale. With REPowerEU, we have doubled our 2030 target to produce 10 million tonnes of renewable hydrogen in the EU, each year. To achieve this, we must create a market for hydrogen, in order to bridge the investment gap and connect future supply and demand,” von der Leyen stated.

"That is why I can today announce that we will create a new European Hydrogen Bank. It will help guarantee the purchase of hydrogen, notably by using resources from the Innovation Fund. It will be able to invest EUR 3 billion to help build the future market for hydrogen. This is how we power the economy of the future. This is the European Green Deal,” the EC president added.

(EUR 1 = USD 1.018)

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