The proposed European Hydrogen Bank will be able to invest 3 billion euros to help building the future market for hydrogen, European Commission President Ursula von der Leyen said in her State of the Union speech today.
The Commission President underlined that hydrogen can be a game changer for Europe but the continent has to be ready to move its hydrogen economy from niche to scale.
In the REPowerEU, the EU has doubled its 2030 target to produce ten million tons of renewable hydrogen each year. “To achieve this, we must create a market maker for hydrogen, in order to bridge the investment gap and connect future supply and demand,” underlined von der Leyen.
The proposed European Hydrogen Bank will help guarantee the purchase of hydrogen by using resources from the Innovation Fund. “It will be able to invest 3 billion euros to help building the future market for hydrogen,” highlighted the President of the Commission.
Just days before the State of the Union speech, Hydrogen Europe warned Ursula von der Leyen in a letter about parts of the upcoming Renewable Energy Directive II (RED II) legislation that are counterproductive to the formation of a world-leading hydrogen market in Europe.
Hydrogen Europe pointed out that the rules would make European renewable hydrogen insufficient for the industry needs and non-competitive vis-à-vis non-European renewable hydrogen.