BAKU, Azerbaijan, October 18. The deployment of renewable hydrogen in the EU within the aim to completely shift from Russia’s energy carriers by 2030 will require around 27 billion euros, Trend reports via the European Commission.
According to the report, under the Important Projects of Common European Interest mechanism, the EU has approved 10.6 billion euros of public investments in the hydrogen value chain as incentive to attract private investments in the sector.
“With the EU pledging more than 21 billion euros in the coming years for hydrogen (from the Important Projects of Common European Interest mechanism and the Recovery and Resilience Facility), electrolyzer manufacturers in Europe have committed to increase their capacity to manufacture electrolyzers tenfold, to 17.5 GW by 2025,” the report said.
Furthermore, besides providing an estimate of the investment needs for hydrogen projects and additional costs with specific focus on replacing natural gas use, President of the European Commission Ursula von der Leyen has also announced the setting up of the European Hydrogen Bank.
“The Hydrogen Bank aims to move the hydrogen market from niche to scale by accelerating the production and the use of renewable hydrogen and connecting these by developing the necessary infrastructures in a coordinated manner,” the report noted.
Meanwhile, the total share of renewables in the EU electricity generation is expected to increase from 37 percent to 69 percent by 2030.
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