In further strives to secure energy supplies and meet Net Zero targets, Europe has seen monumental policy moves that could fast-track the production and use of hydrogen on the continent.
European Commission President, Ursula von der Leyen announced today (September 14) that the commission has created a new ‘European Hydrogen Bank’ to invest €3bn ($2.9bn) to help develop the hydrogen market.
President von der Leyen announced the news at the annual State of the European Union speech where she told the European Parliament, that this was how the economy of the future will be built.
“Hydrogen can change the situation completely for Europe. We need to move from a niche market to a mass market for hydrogen,” said von der Leyen, “With REPowerEU we have renewed our goals. We want to produce 10 million tonnes of renewable hydrogen a year by 2030. To achieve that, we need to create a new hydrogen market to fill the investment gap, and to match supply and demand for the future.
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