EU set to launch world's first hydrogen bank
The European Commission will inaugurate this week its much anticipated Hydrogen Bank in order to support the increase of renewable hydrogen in the EU's energy mix.
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00:00 The European Commission will launch the world`s first hydrogen bank this week in order to
00:06 support the increase of renewable hydrogen in the EU`s energy mix. The idea is to make
00:11 800 million euros available from European funds in order to help the industry and at
00:15 the same time, incentivize private investments.
00:19 Renewable or green hydrogen is expected to play a key role in decarbonizing different
00:24 sectors as the EU seeks to achieve its emission reduction goals by 2050.
00:29 I think we would like clearly to demonstrate that we are the global leader if it comes
00:35 to use of these new technologies that we can indeed replace the fossil fuels with green
00:42 hydrogen, that we can produce the steel with very low or no carbon footprint and actually
00:49 that we can also have the cars, buses, trains, even planes and ships visually powered by
00:56 the green hydrogen which is not polluting.
00:59 In 2022, hydrogen accounted for less than 2 percent of Europe`s energy consumption and
01:04 was primarily used to produce chemical products like plastics and fertilizers.
01:10 The priority for the EU is to develop renewable hydrogen and it aims to produce 10 million
01:15 tons and import another 10 by 2030.
01:20 During hydrogen week in Brussels this week, the sector aims to join the dots between the
01:24 European Commission, policy makers, researchers and industry.
01:30 Well the energy crisis that Europe has faced so far, especially due to Russia`s invasion
01:35 into Ukraine has shown how dependent we are.
01:40 Hydrogen can be produced in Europe, mainly in countries that have a lot of wind and a
01:46 lot of solar.
01:47 So, Spain or Ireland or Denmark are perfect countries for the production of hydrogen.
01:55 But to be honest, we also need to import hydrogen.
01:58 And that`s why we are super happy to welcome here South Africa, Brazil, Saudi Arabia.
02:04 There`s still much work to be done, though, including on building up infrastructure and
02:09 on investments.
02:10 But some projects are already underway.
02:12 Germany among others has asked the U.K. to consider the construction of a 400-mile hydrogen
02:17 pipe under the North Sea and an underwater line to carry green hydrogen is already being
02:22 prepared between Spain and France.
02:24 Thank you.
02:30 you