![]() The Bank will create an EU auction platform offering “auctions-as-a-service” for Member States, using both Innovation Fund and Member State resources, to fund renewable hydrogen projects without prejudice to EU state aid rules. The first pilot auctions are currently being designed and they are due to be launched in autumn 2023, backed by €800 million from the Innovation Fund. This will be achieved through an auction system for renewable hydrogen production to support producers through a fixed price payment per kg of hydrogen produced for a maximum of 10 years of operation. The Commission is intending for the EHB to cover and lower the cost gap between renewable hydrogen and fossil fuels for early projects. The final element is streamlining existing financial instrument - coordinating and blending these with new public and private funding, both in the EU and internationally. The third pillar is linked to transparency and coordination – assessing demand, infrastructure needs, hydrogen flows, and cost data. Two of them are financing mechanisms - for creating the EU domestic market, and for international imports into the EU. The Communication sets out the four pillars of the EHB, which should be operational by the end of 2023. Those industries that make early decisions to redirect or focus on cleantech deployment will benefit. The European Hydrogen Bank will establish a full hydrogen value chain in the EU,alongside the Net-Zero Industry Act. The European Union is a powerhouse for research and innovation, and we want to keep it that way! Renewable hydrogen will also play an important role in the EU’s transition to climate neutrality by 2050. ![]() Kadri Simson, Commissioner for Energy, said:Īs part of the Net-Zero Industry Act, the Commission today adopted a plan to set up the European Hydrogen Bank. ![]() Today’s Communication on the European Hydrogen Bank (COM(2023)156) accompanies the Commission’s legislative proposal for a Net-Zero Industry Act, which aims to boost EU manufacturing of clean technologies. It will also have an international dimension to facilitate renewable hydrogen imports to the EU This initiative is aimed at accelerating investment and bridging the investment gap for the EU to reach its ambitious REPowerEU targets of producing domestically 10 million tonnes (mt) of renewable hydrogen by 2030, coupled with 10 mt of imports.Īs the first final investment decisions were only taken last year and the vast majority of projects are still in the planning stage, the EHB will help address the initial financial challenges in order to create an emerging renewable hydrogen market. Hydrogen can make a major contribution to the EU’s ambitions to end imports of Russian fossil fuels in the next few years and to achieve climate-neutrality by 2050. Today, the Commission has set out new plans to stimulate and support investment in sustainable hydrogen production through a European Hydrogen Bank (EHB). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |