BAKU, Azerbaijan, May 17. Already before the outbreak of war in Ukraine EU knew that it needed to move away from fossil fuels to a more sustainable economy, said President of the EU Commission Ursula von der Leyen, Trend reports.
She believes that this transition will provide EU with not just abundant affordable clean energy, but also with energy security.
“In our new plan, RePowerEU, we have doubled our 2030 target to produce annually 10 million tons of renewable hydrogen in the European Union. And we shall also import another 10 million tons from abroad. This can replace up to 50 billion cubic meters per year of imported Russian gas. So, let me explain the three actions we are taking to accelerate hydrogen transition. First, we are giving the industry predictability you need. Second, with massive public investment and third, through our alliance with the private sector and advanced research,” Ursula von der Leyen explained.
She announced that tomorrow the Commission is adopting a regulatory package for green hydrogen.
“Then the main regulatory parameters will be in pace. We have to scale up clean hydrogen production, expand its applications, to create a virtuous circle where demand and supply feed each other and bring the prices down. 9.3 billion euros from NextGenerationEU are going straight into hydrogen projects. And this is just the beginning. The Commission is assessing the State Aid for hydrogen projects as a priority. Our so-called “Important projects of Common European Interest”, in short IPCEI on hydrogen shall be approved by the summer. And this will kick-start large industry-driven investments, which are worth well over 50 billion euros. Hydrogen is a perfect example of what public-private partnership can achieve. This is how we can build together European hydrogen economy,” the EU Commission’s president concluded.
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