Hydrogen Europe and the European Investment Bank (EIB) signed an agreement on consultancy services on 29 July. Under the agreement, the EIB will provide financial advisory support for hydrogen projects led by Hydrogen Europe. In addition, the parties will collaborate on market development initiatives.
Hydrogen technology will play a crucial role in achieving a carbon-neutral EU economy by 2050. The European Hydrogen Strategy, which is part of the European Green Deal, aims to enable widespread use of hydrogen by 2050. The strategy predicts that investments in between 180 and 470 billion euros will be required to reach the desired production capacity in the EU by 2050. Together with the Commission, Hydrogen Europe is one of the three participants in the European Joint Undertaking on Hydrogen, which is a public-private partnership working to facilitate the market introduction of green hydrogen technologies in Europe.
“Green hydrogen presents an opportunity to decarbonise industrial processes, particularly in sectors where emission reduction is urgent but difficult to achieve,” says EIB President Werner Hoyer, adding: “Many European countries are actively supporting the development of hydrogen technologies. One of the main strengths of the European Investment Bank is that it combines advisory and technical support in the initial phases of a project with attractive forms of financing later on. This model is perfect for the development and deployment of new breakthrough technologies, including those based on the use of hydrogen.”
In a EU context, the EIB is an important financing partner in the procurement of green hydrogen. Over the last eight years, the EIB has provided over 2 billion euros in advisory and financial support for projects using green hydrogen technologies. Projects focusing on upscaling implementation in the transport sector by supporting new hydrogen fleets and associated infrastructure have also received financial support. The EIB currently supports technologies such as electrolysers, catalysts and fuel cells. In addition, the bank also finances large-scale hydrogen production, including electrolysis, carbon capture and storage and hydrogen stations.
Read more here.