• Sat. Dec 9th, 2023

Europe Leads the Way: Launch of the World’s First Hydrogen Bank


Nov 20, 2023

The European Commission is set to launch its highly anticipated Hydrogen Bank this week, with the goal of promoting the growth of renewable hydrogen in the EU’s energy mix. The bank will make €800 million available from European funds to support the industry and encourage private investment.

The development of green hydrogen is a crucial component of the EU’s efforts to reduce emissions and achieve its emission reduction goals by 2050. EU Executive Vice President Maroš Šefčovič has emphasized the need for Europe to lead in the adoption of new technologies and demonstrate its ability to replace fossil fuels with clean energy sources, such as green hydrogen.

Currently, hydrogen accounts for less than 2% of the bloc’s energy consumption and is primarily used for producing chemical products. However, the EU’s focus is on developing renewable hydrogen, with a goal of producing 10 million tonnes and importing another ten million by 2030.

The upcoming Hydrogen Week in Brussels aims to bring together policymakers, researchers, and industry leaders to further advance the use and development of hydrogen as a sustainable energy source. With recent energy crises in Europe highlighting the importance of localized hydrogen production, particularly in countries with abundant wind and solar resources, this event will play a critical role in shaping the future of renewable energy in Europe.

However, despite these efforts, infrastructure investment in renewable hydrogen remains a significant challenge. Several projects are already underway across Europe, including Germany’s proposed construction of a 400-mile hydrogen pipeline under the North Sea and an underwater pipeline between Spain and France. Additionally, collaborations with countries like South Africa, Brazil, and Saudi Arabia will continue to play a crucial role in advancing Europe’s renewable hydrogen strategy.


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