In order to take advantage of the rapidly developing hydrogen economy, European Commission President Ursula Vondrein announced the establishment of the European Hydrogen Bank. The bank will invest 3 billion euros to help establish the future hydrogen market.
Von Delain said in his State of the Union address, "Hydrogen can change the rules of the game in Europe. We need to shift our hydrogen economy from a niche market to a large-scale one."
With the help of REPowerEU, the European Commission's plan to rid Europe of Russian fossil fuels, the EU has doubled its target for 2030, that is, to produce 10 million tons of renewable hydrogen annually in the EU. This domestic goal, plus 10 million tons of hydrogen imports per year, will replace natural gas, coal and oil in industries and transport sectors that are difficult to carbonize.
"To achieve this goal, we must create a manufacturer in the hydrogen market to bridge the investment gap and connect future supply and demand," said Vondrein
Hydrogen is a key part of the European Green Agreement, which is a long-term growth path for the EU to naturalize the climate in Europe by 2050. This goal is enshrined in European climate law, and the legally binding commitment to reduce net greenhouse gases will reduce emissions by at least 55% by 2030 compared with 1990 levels.
