Germany to spend EUR 3.6bn on green hydrogen

Image by Robert Bosch GmbH. All Rights Reserved.

July 4 (Renewables Now) - Germany is planning to spend about EUR 3.6 billion (USD 3.75bn) to support international partnerships in the area of green hydrogen as the country will need to import significant volumes of the clean fuel to decarbonise its industry and accelerate the energy transition.

The spending plan was unveiled in the draft budget for 2023 that was approved by the Federal Cabinet last week.

The planned investments will be made as part of the H2-Global initiative of the German government that backs hydrogen partnerships.

Europe's largest economy has already found several partner countries to ensure hydrogen imports - green hydrogen cooperation agreements have already been signed with Norway, Australia and the United Arab Emirates.

The draft budget for the coming year with a planned expenditure of EUR 445 billion gives climate protection, energy transition and the economic transformation in the context of climate goals top priority.

Apart from green hydrogen, Berlin is investing in floating storage and regasification units (FSRU) for the import of liquified natural gas (LNG). This will cost about EUR 274 million in 2023, according to the draft budget.

(EUR 1 = USD 1.042)

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