EU opens first hydrogen bank for green energy

The EU launches the world's first Hydrogen Bank, investing 800 million euros to boost the share of green hydrogen in the energy sector by 2050

Hydrogen Icon
Hydrogen Icon / JOHN LLOYD CC BY 2.0 DEED

The European Union will soon launch the world's first Hydrogen Bank, aimed at increasing the use of renewable hydrogen in the EU's energy sector.

This project involves allocating 800 million euros from European funds to support the industry and attract private investments. The main goal is to use green hydrogen to reduce carbon emissions in the EU by 2050.

The European Commission is eager to emphasize its leadership in the application of these innovative technologies, which can replace fossil fuels and reduce the carbon footprint in various sectors, including transportation and steel production.


Although in 2022 hydrogen accounted for less than 2% of the total energy consumption in the EU, mainly in the chemical industry, the EU plans to significantly increase the production and import of renewable hydrogen by 2030.

European Union Discusses Hydrogen Sector Issues

In Brussels, the Hydrogen Week has begun - an event where important issues related to the hydrogen sector are discussed. The main goal is to establish a connection between the European Commission, legislative bodies, researchers, and the industry.

The agenda focuses on the importance of hydrogen in reducing Europe's dependence on fossil energy sources, especially in light of the current energy crisis and the situation with Ukraine.

Countries with high potential for renewable energy, such as Spain, Ireland, and Denmark, are considered ideal for hydrogen production. However, despite internal capabilities, Europe will also need to import hydrogen, highlighting the importance of collaboration with other countries like South Africa, Brazil, and Saudi Arabia.

Within the framework of this process, some projects are already being implemented, including Germany's proposal to the UK for the construction of a hydrogen pipeline under the North Sea and plans to create an underwater pipeline for transporting green hydrogen between Spain and France.


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