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European Commission to allocate €3 billion for green hydrogen


European Commission to allocate €3 billion for green hydrogen

Europe is ‘practically’ on its way to becoming the largest hydrogen player in the world as the European Commission plans to inject a massive investment in the hydrogen sector. Frans Timmermans, the European Commission Executive Vice President, has announced that €3 billion funds would be allocated from the next Innovation Fund large-scale call to support the European hydrogen economy in November. - SaurEnergy

Timmermans was speaking at the European Hydrogen Week conference. He also mentioned that the hydrogen economy development is necessary to get Europe free from the fossil fuel supplies from Russia when the country is at war with Ukraine.

Since Putin’s invasion of Ukraine, hydrogen has to play a key role in our energy transition, a key role in creating a European energy sovereignty and weaning us of our dependence on Russian fossil fuels.

Timmermans held

The Executive VP charted out four key areas that require immediate attention to support the hydrogen economy growth in Europe. First, Timmermans held that the permission system for the new projects should be reduced to enhance the investments in the RE sector. This will ultimately help achieve the hydrogen goals of Europe. Second, there also requires regulatory certainty is necessary on the definition of renewable hydrogen and the principle of additionality. At the same time, speed and substance is required.

Third, for better market design for hydrogen and sub-targets for hydrogen, the legislative framework has to be designed. And fourth, funds should be made available to ensure that green hydrogen remains cost competitive and production remains seamless.

Timmermans said that about 30 per cent of the world’s green hydrogen projects that have been announced are based in Europe. The travesty found by the official is that just 10 per cent of the projects have come to final investment decision (FID). He said that this is the key reason behind the enhanced funding mechanism in the development of the hydrogen sector as it will end disparity.

To restore our industrial competitiveness…we need to reduce the role of fossil fuels in our energy system, and to drastically reduce the cost of producing renewable hydrogen.

He added

Frans Timmermans said in April that more ambitious targets are being developed for the EU for faster transition to renewable sources of energy. Before that, Timmermans was in Egypt when he said that Egypt will play a crucial role in supplying clean energy to Europe when the EU is looking to reduce and subsequently eliminate the dependence from the Russian fossil fuels.

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