Portugal has become the latest country to commit to hydrogen, with the European Investment Bank (EIB) and the Portuguese Government on Wednesday (7th April) joining forces to develop a hydrogen economy in the country.
EIB and the Portuguese Government formalised the pledge by signing a Memorandum of Understanding (MoU) during the Hydrogen in Society – Bridging the Gaps conference, organised by the Portuguese Presidency of the Council of the European Union.
With the signing of such MoU, Portugal will now play and important role in accelerating the energy transition, as outlined in the European Hydrogen Strategy. Further to this, the agreement will support Portugal’s ambitious environmental objectives set in the 2030 National Energy and Climate Plan.
“I am delighted to sign today this important agreement with the Portuguese Government that aims to accelerate investments in the hydrogen sector in Portugal, said Ricardo Mourinho Félix, EIB’s Vice-President, responsible for the bank’s operations in Portugal.
“At the EIB Group, we firmly believe that clean hydrogen has the potential to play an important role in achieving the EU’s carbon neutral target by 2050 and in promoting the green economic recovery in the context of Covid-19 as we see it as a fundamental enabler to make emissions more environmentally friendly.”
Minister of the Environment and Climate Action, João Pedro Matos Fernandes, added, “Achieving carbon neutrality by 2050 and at least 55% Green House Gases emission reductions by 2030, demand profound changes in our energy system and a strong commitment to an energy transition supported in the deployment of renewable energy.”
“Renewable hydrogen is expected to play a key role in the decarbonisation of sectors where other alternatives might not be feasible or be more expensive, being decisive for the decarbonisation of European. Portugal aims to produce competitive green hydrogen and is keen to play a relevant role in the emerging hydrogen economy.”
“This agreement we have signed today is an important piece of this strategy and is decisive for reinforcement of this projects.”