The EU will establish a hydrogen bank that will produce annually

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The EU will establish a new bank dedicated to the development of hydrogen, through which it will invest 3 billion euros “to build the future market” of this emerging energy, the president of the European Commission (EC), Ursula von der Leyen, announced on Wednesday in her speech annually on the state of the European Union in the plenary session of the European Parliament in Strasbourg, reported AFP and EFE.

Hydrogen can be an energy “turning point” for a Union committed to leaving behind dependence on fossil fuels imported from Russia, she pointed out.

But “we have to move from a niche market to a mass market. We want to produce ten million tons of renewable hydrogen in the EU every year by 2030”, which requires “regulating the investment deficit”, she pointed out, recalling that the EU bloc has “doubled its 2030 objective to produce ten millions of tons of renewable hydrogen”.

She mentioned in context the REPowerEU plan, presented in May, in the context of efforts to give a new boost to renewable energies and to achieve the disconnection from fossil fuels imported from Russia.

The future new European Hydrogen Bank will also contribute to “guaranteeing the purchase of hydrogen”, von der Leyen also assured in her speech, according to Agerpres.

In July, the European executive approved a research and development project in favor of hydrogen, a strategic sector for the decarbonisation of the economy, by bringing together 41 initiatives involving 35 companies (large groups, SMEs or start-ups) , supported by 15 member states, including Germany, Spain, France, Italy and Poland, AFP recalls.

Hydrogen should play a central role in enabling industry to produce steel, cement or chemical and pharmaceutical products without emitting CO2. To do this, it will have to be environmentally friendly itself, that is, it will have to come from an electrolysis of the water molecule (H2O) that separates hydrogen and oxygen thanks to electricity generated from low-carbon energies.

Thus, green hydrogen could replace coal in industry and allow the storage of intermittent renewable energy, solar or wind, by means of fuel cells. Heavy transport (trains, ships, commercial road vehicles, etc.) could also use hydrogen to replace fossil fuels.