The European Investment Bank (EIB) and Hydrogen Europe, an umbrella association representing European industry, research, and associations in the hydrogen and fuel cell sector, have signed an agreement for consultancy services.
Under the agreement, the EIB will provide financing advisory support for hydrogen projects introduced by Hydrogen Europe. It will also cooperate on market development initiatives and conduct joint market outreach, and will help to develop dedicated EIB financing products for green hydrogen.
The current share of hydrogen in Europeà¢€â„¢s energy mix is expected to rise to 14% by mid-century, especially in light of the European Green Deal, which aims to enable the widespread use of hydrogen by 2050.
According to the strategy, green hydrogen will be produced on a systemically relevant scale between 2030 and 2050, increasing the need for investments in renewable or low-carbon hydrogen.
However, obtaining green, zero-emission hydrogen is very costly. Over the past eight years, the EU bank has provided over à¢â€š¬2 billion ($2.4 billion) in advisory and financial support to projects that use hydrogen technologies. Furthermore, the EIB anticipates that between à¢â€š¬180 and à¢â€š¬470 billion ($214 – $559 billion) will be required for production capacities in the European Union by 2050.
à¢€Å“Green hydrogen presents an opportunity to decarbonise industrial processes, particularly in sectors where emission reduction is urgent but difficult to achieve,à¢€ said EIB President Werner Hoyer.
à¢€Å“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, added Hoyerà¢€
Currently, the Bank supports technologies such as electrolysers, catalysts and fuel cells and also finances large-scale hydrogen production, including electrolysis, carbon capture and storage and hydrogen stations.
Alongside the European Commission and the Research Grouping N.ERGHY, Hydrogen Europe is one of the three participants of the European Joint Undertaking on Hydrogen, a public-private partnership working to facilitate the market introduction of clean hydrogen technologies in Europe.