|Author (Corporate)||European Commission: DG Energy|
|Series Details||COM (2023) 156|
|Content Type||News, Policy-making|
Communication adopted by the European Commission on 16 March 2023, presenting its ideas on the design and functions of the European Hydrogen Bank.
Hydrogen has been identified as a significant element of the European Union's (EU) climate neutrality and energy independence goals. It is also one of the strategic areas of the European Commission's New Industrial Strategy. The European Hydrogen Strategy adopted in 2020 set out the objective to produce up to 10 million tonnes of renewable hydrogen in the EU. The REPowerEU Action Plan proposes to complement this goal by facilitating 10 million tonnes of renewable hydrogen imports by 2030. In parallel to the legislative process, the European Clean Hydrogen Alliance identified 840 projects across all parts of the value chain.
In her 2022 State of the European Union (SOTEU) address, the President of the European Commission announced the establishment of the European Hydrogen Bank. Its aim is to close the investment gap and connect future supply of renewable hydrogen with the demand objective of 20 million tonnes of renewable hydrogen. The Bank seeks to facilitate both renewable hydrogen production within the EU and imports. It also supports the objectives of the Green Deal Industrial Plan. This Communication was adopted by the European Commission on 16 March 2023 alongside a draft Net Zero Industry Act.
|Subject Categories||Economic and Financial Affairs, Energy|
|Subject Tags||Climate Change, Renewable Energy, Sustainable Development|
|International Organisations||European Union [EU]|