European Hydrogen Sector on Track for Explosive Growth, Led by Clear Targets and Investments
Key Ideas
- European hydrogen sector to grow by 140% this year, surpassing the US in large-scale green hydrogen projects.
- EU sets ambitious targets of producing 10 million tonnes of renewable hydrogen by 2030, aiming for significant industry and transport integration.
- Challenges exist in the industry, with some companies pausing or scaling back hydrogen projects, while the European Commission remains committed to overcoming obstacles and prioritizing infrastructure.
- European Hydrogen Bank to hold a second round in December with a budget of €1.2 billion, supporting further hydrogen advancements in the region.
European Commission president Ursula von der Leyen announced at the Renewable Hydrogen Summit in Brussels that the investment in the European hydrogen sector is projected to surge by 140% this year. Europe has already outpaced the US in large-scale green hydrogen projects, marking significant progress in renewable energy. The EU has established ambitious targets for renewable hydrogen production by 2030, with binding targets for industry and transport integration. Despite challenges such as project delays and cancellations by companies like Uniper and bp, von der Leyen emphasizes the importance of European leadership and the ongoing collaboration with member states and industry players to address obstacles and prioritize infrastructure development. The European Commission's commitment to the sector is evident through initiatives like the European Hydrogen Bank, which will hold a second round in December with a substantial budget to further support hydrogen advancements. The overall sentiment in the article is positive, highlighting the determination to build a climate-neutral European economy through step-by-step progress and dedicated efforts.
Topics
Investing
Renewable Energy
Infrastructure
Decarbonisation
Challenges
Economy
European Union
Investments
Targets
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