The European Green Deal is receiving significant support through massive investments. Next Generation EU and REPower EU are investing in initiatives such as ‘hydrogen valleys’, hydrogen trains, and clean steel factories. In addition, the EU has approved 17 billion euros in state aid for approximately 80 hydrogen projects. This week, the European Hydrogen Bank will launch its first auction, supported by 800 million euros in European funding as well as private sector financing and commercial off-take agreements. This was announced by President Ursula von der Leyen during the European Hydrogen Week.
In her speech, President von der Leyen also announced the next steps for the European Hydrogen Bank, including the launch of the second round of auctions in spring 2024 with a total value of three billion euros. Additionally, efforts are underway to develop the international aspect of the European Hydrogen Bank, ensuring diversified imports of renewable hydrogen from reliable foreign suppliers.
The European Commission’s commitment to the green energy transition is evident through these investments and initiatives, marking progress towards a more sustainable and environmentally friendly future.