European Investment Bank signs advisory agreement with Hydrogen Europe

European Investment Bank signs advisory agreement with Hydrogen Europe

BAKU, Azerbaijan, July 29

Trend:

The European Investment Bank (EIB) and Hydrogen Europe, an umbrella association representing European industry, research, and national and regional associations in the hydrogen and fuel cell sector, today signed an agreement for consultancy services, Trend reports with reference to EIB.

Under the agreement, the EU bank will provide financing advisory support for hydrogen projects introduced by Hydrogen Europe. Furthermore, it will cooperate on market development initiatives and conduct joint market outreach. Finally, the agreement will help to develop dedicated EIB financing products for green hydrogen.

Hydrogen technology can play a crucial role in achieving a carbon neutral EU economy by 2050. The current share of hydrogen in Europe’s energy mix is less than 2%, but it could rise to 14% by mid-century. The European Hydrogen Strategy, which is part of the European Green Deal, aims to enable widespread use of hydrogen by 2050. According to the strategy, green hydrogen will be produced on a systemically relevant scale between 2030 and 2050. Consequently, investments in renewable or low-carbon hydrogen will need to increase. The strategy anticipates that between €180 and €470 billion will be required for production capacities in the European Union by 2050. Alongside the European Commission, Hydrogen Europe is one of the three participants of the European Joint Undertaking on Hydrogen, a public-private partnership working to facilitate the market introduction of clean hydrogen technologies in Europe.

“Green hydrogen presents an opportunity to decarbonise industrial processes, particularly in sectors where emission reduction is urgent but difficult to achieve,” said EIB President Werner Hoyer. “Many European countries are actively supporting the development of hydrogen technologies. One of the main strengths of the European Investment Bank is that it combines advisory and technical support in the initial phases of a project with attractive forms of financing later on. This model is perfect for the development and deployment of new breakthrough technologies, including those based on the use of hydrogen.”

Obtaining green, zero-emission hydrogen is very costly. In the EU context, the European Investment Bank is a key funding partner. Over the past eight years, the EU bank has provided over €2 billion in advisory and financial support to projects that use hydrogen technologies. Projects that focus on scaling up deployment in the transport sector by supporting new hydrogen fleets and related infrastructure have also received funding. With its expertise and track record in financing innovative technologies and infrastructure — notably offshore wind and batteries — the EIB is well placed to support the development of the hydrogen ecosystem in Europe. Currently, the Bank supports technologies such as electrolysers, catalysts and fuel cells. It also finances large-scale hydrogen production, including electrolysis, carbon capture and storage and hydrogen stations.

Subscribe to Trend in Google News! Subscribe
Uzbek Asia Trans Gas opens tender for reconstruction of stations
Uzbek Asia Trans Gas opens tender for reconstruction of stations
Azerbaijan Investment Holding opens tender for purchase of сomputer monitors
Azerbaijan Investment Holding opens tender for purchase of сomputer monitors
Turkmen Khazar Consortium to buy chemical reagents via tender
Turkmen Khazar Consortium to buy chemical reagents via tender
Loading Bars
Latest
Assistant to Azerbaijani president meets with journalists, bloggers and academicians from Georgia
One civilian injured in mine explosion in Azerbaijan's Agdam district
Cameroon separatists kill 15 soldiers in attacks using explosives
Turkey's export of chemicals to France grows
9 killed, 20 injured in tribal court firing in NW Pakistan
Qatar’s import of Turkish cars up
U.S. to relax restrictions for vaccinated international travelers in November
Guterres praises Turkey's refugee efforts at NYC Turkish House
Relations with regional countries top Iran’s foreign policy agenda: Iranian president
Georgia sees increase in hazelnuts export
Joint tactical exercises "Indestructible Brotherhood - 2021" starts in Nakhchivan (PHOTO/VIDEO)
Turkmen company exports vegetables and fruits to Russia, Kazakhstan
Uzbekistan advances in Global Innovation Index
TAP wins Gas Project of Year at Gastech Awards 2021
Nizami Ganjavi International Center hosts 21st high-level meeting on peace and security (VIDEO)
Azerbaijani Diaspora in Munich holds meeting (PHOTO)
NATO enhancing engagement with Georgia on security in Black Sea region
Producer Price Index for Transportation and Storage Services in Georgia revealed
EU, UNDP offer new opportunities for rural entrepreneurs in Georgia
President Ilham Aliyev congratulates Russia's Vladimir Putin
Azerbaijan reduces imports of medicine from Georgia
Iran's Energy Exchange announces products to be on sale September 21
Number of client accounts in Azerbaijani banks increases
Azerbaijan shares data on number of vaccinated citizens
Georgian export of live cattle to Azerbaijan increases
Azercell provides support for first scientific-practical conference in Aghdam
Azerbaijan confirms 740 more COVID-19 cases, 2,442 recoveries
Uzbek Asia Trans Gas opens tender for reconstruction of stations
Eurostat reveals volume of fertilizers imported by Greece from Turkmenistan in 1H2021
Georgia shares data on import, export of tea
Kazakhstan - major partner for connectivity in Central Asia, says EU
Georgia cuts import of gas from Azerbaijan
Georgia unveils data on its trade with Azerbaijan
Iran’s Bahar Azadi gold coin price continues to fall
Unicapital shares forecast on inflation in Azerbaijan in 2021
President Ilham Aliyev calls Russia's Vladimir Putin
Iran shares data on value of GDP in industrial, mining sectors
Baku Metro to purchase carbonate via tender
Military officials from Azerbaijan, Turkey, Pakistan observe "Three Brothers - 2021" exercises (PHOTO)
Azerbaijan launches new tanker named after prominent academician (PHOTO)
Azerbaijan invites Russian companies to its renewable energy auctions
Amazon to create 1,500 jobs in UAE this year
Georgia shares data on Domestic Producer Price Index
National Bank of Kazakhstan shares inflation forecasts for 2021
Southern Gas Corridor not rival to other gas transmission systems, says minister
Turkmen Khazar Consortium to buy chemical reagents via tender
Turkmenistan discloses data on export of natural gas to China
Uzbekistan intends to restore transport links with Afghanistan
State stake in one of Uzbekistan's largest construction companies up for sale
Russia reports over 20,000 new daily COVID-19 cases
Turkmenistan sees decline in imports from Spain for 1H2021
Azerbaijan talks taxes on tutor services
Equinor appoints new Country Manager for Azerbaijan
Kazakh-German oil extracting JV opens tender to buy pumps
Kazakhstan increases production of several ore types
Azerbaijan to continue apple, tomato exports to Russia by railway cars
Iran sees increase in electricity generation by gas units of Bandar Abbas TPP
Russian Gazprombank reveals factors that led to refinancing rate increase in Azerbaijan
Top Israeli, Swedish diplomat chat in effort to mend ties
Gas condensate won't solve fuel problem of Iranian power plants - Thermal Power Plants Company
Boeing forecasts European passengers will grow 3% per year over next 20 years
Turkmen enterprise puts smart TVs up for sale at commodity exchange
GIFA honors Islamic Corporation for the Insurance of Investment and Export Credit with ‘Global Islamic Export Credit and Political Risk Insurance' Award 2021
Iran to provide support package to non-oil exporters - Trade Promotion Organization
Kazakhstan's monetary base remains flat
Turkey increases leather goods exports to Turkmenistan
No Azerbaijani citizens among victims of armed incident in Russia - MFA
Azerbaijani Foreign Ministry expresses condolences to Russia
Azerbaijani Mine Clearance Agency shares update on work done in liberated territories
Bakcell has joined a large-scale environmental campaign (PHOTO)
Iran's Ministry of Agriculture Jihad to receive foreign currency from government
Development of beekeeping in Karabakh to decrease honey prices - Association of Beekeepers
Italy's Cavalli to open $545 mln luxury skyscraper in Dubai with Damac
Active participation of Moscow Exchange in Uzbek financial market to create currency liquidity
Six people dead in Russia’s Perm university shooting
Equinor boosting gas deliveries to Europe amid supply crunch
Kazakhstan to continue negotiating on resumption of flights with Azerbaijan
Turkish, Azerbaijani jets conduct test flights over Bosphorus Strait before TEKNOFEST-2021
Iran's parliament asks government to boost Tabriz water transfer plan
Envoy Thanks India For Facilitating Russian Parliament Elections
Iran hopes to get rid of isolation through receiving SCO membership
Indian Industry To Make Two New Rockets - GSLV-Mk III, SSLV: Space Department
Azerbaijan records increase in imports
Georgian domestic export up in 8M2021
EY Azerbaijan officially announces the start of the ‘EY Entrepreneur Of The Year™’ 2021-2022 competition
Iran seeks self-sufficiency in agricultural products
OSCE PA Special Representative on South Caucasus to visit Azerbaijan
Increasing wages in Iran may lead to increase of inflation
Kazakhstan boosts transportation via pipelines
Manufacturing of c products increases in Iran
Georgia sees increase in Export Price Index
Iran to return to Vienna talks with new negotiating team
Azerbaijan, Kazakhstan to sign agreement on satellite data exchange
Turkmen state commodity, raw materials exchange transaction data revealed
Pre-election campaigning period in Uzbekistan kicks off
Value of GDP in Iran's agricultural sector down
In first foreign visit after taking over as CDS, Gen Bipin Rawat to visit Russia, US
Iran reveals COVID-19 data for September 20
Entire Karabakh region to become "green energy" zone - Azerbaijani president's special rep
Indian EAM, Saudi Arabian counterpart discuss resumption of direct flights, Afghanistan
All news