European Commission President Ursula von der Leyen defended the European bet on green hydrogen this Monday, announcing the first auction of the European Hydrogen Bank and an investment of two billion euros in Brazil.
“We are investing in hydrogen vouchers, hydrogen trains and clean steel plants and have already authorized more than €17 billion in government aid for around 80 hydrogen projects across the EU, but this week we will take the next step with the launch of Europe’s first hydrogen plant. Bank auction,” announced Ursula von der Leyen.
Speaking in a video message during European Hydrogen Week 2023 in Brussels, the community executive said the new bank is “backed by €800 million in European funding and, most importantly, will attract private sector funding.” and will result in commercial sales agreements.”
The idea is that, by announcing the bank a year ago, the European Commission would provide the required initial funding of three billion euros to cover the risk of buying and selling green hydrogen.
The second round of European Hydrogen Bank auctions is scheduled for spring 2024, Ursula von der Leyen added.
Speaking in a speech about “developing a global market for clean hydrogen”, the President of the European Commission announced “the construction of one of the largest hydrogen projects in the world in the Brazilian state of Piaui”, a project that is part of a two billion euro European investment in the hydrogen value chain in Brazil.
“This new green energy park will be a production facility producing 10 gigawatts of clean hydrogen and ammonia, which will then be shipped to the island of Krk in Croatia. From there, hydrogen will be supplied to serve industrial suppliers in south-eastern Croatia. Europe, and in parallel this project will create local jobs and value chains in Brazil,” explained Von der Leyen.
Hydrogen currently makes up about 2% of the EU’s energy mix, and virtually all of it (95%) is produced by fossil fuels, which emit between 70 and 100 million tonnes of carbon dioxide (CO2) annually.
Green hydrogen, on the other hand, comes from a renewable source, meaning it emits no CO2 and releases few pollutants into the atmosphere.
It can be used as a raw material, fuel and transport or energy storage vector, and has applications in the industrial, transport, energy and construction sectors.
About two weeks ago, Prime Minister António Costa asked the President of the Republic to resign, and he agreed.
António Costa was the subject of an investigation carried out by the State Ministry in the Supreme Court after suspects in the lithium and hydrogen business case named him because he intervened to unblock procedures in the projects under investigation.
Author: Lusa
Source: CM Jornal
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