The European Commission will inaugurate this week its much anticipated Hydrogen Bank in order to support the increase of renewable hydrogen in the EU's energy mix.
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00:00 The European Commission will launch the world`s first hydrogen bank this week in order to
00:06 support the increase of renewable hydrogen in the EU`s energy mix. The idea is to make
00:11 800 million euros available from European funds in order to help the industry and at
00:15 the same time, incentivize private investments.
00:19 Renewable or green hydrogen is expected to play a key role in decarbonizing different
00:24 sectors as the EU seeks to achieve its emission reduction goals by 2050.
00:29 I think we would like clearly to demonstrate that we are the global leader if it comes
00:35 to use of these new technologies that we can indeed replace the fossil fuels with green
00:42 hydrogen, that we can produce the steel with very low or no carbon footprint and actually
00:49 that we can also have the cars, buses, trains, even planes and ships visually powered by
00:56 the green hydrogen which is not polluting.
00:59 In 2022, hydrogen accounted for less than 2 percent of Europe`s energy consumption and
01:04 was primarily used to produce chemical products like plastics and fertilizers.
01:10 The priority for the EU is to develop renewable hydrogen and it aims to produce 10 million
01:15 tons and import another 10 by 2030.
01:20 During hydrogen week in Brussels this week, the sector aims to join the dots between the
01:24 European Commission, policy makers, researchers and industry.
01:30 Well the energy crisis that Europe has faced so far, especially due to Russia`s invasion
01:35 into Ukraine has shown how dependent we are.
01:40 Hydrogen can be produced in Europe, mainly in countries that have a lot of wind and a
01:46 lot of solar.
01:47 So, Spain or Ireland or Denmark are perfect countries for the production of hydrogen.
01:55 But to be honest, we also need to import hydrogen.
01:58 And that`s why we are super happy to welcome here South Africa, Brazil, Saudi Arabia.
02:04 There`s still much work to be done, though, including on building up infrastructure and
02:09 on investments.
02:10 But some projects are already underway.
02:12 Germany among others has asked the U.K. to consider the construction of a 400-mile hydrogen
02:17 pipe under the North Sea and an underwater line to carry green hydrogen is already being
02:22 prepared between Spain and France.
02:24 Thank you.
02:30 you