BAKU, Azerbaijan, February 13. The European Hydrogen Bank in February 2024 has reported the first steps in its operation, Trend reports, referring to Hydrogen Europe.
"The maiden pan-European auction for green, renewable hydrogen production got 132 bids, marking the first step toward establishing the European Hydrogen Bank," the report said.
The European Commission (EC) approved the concept of such a bank in 2022 to assure investment security and promote business opportunities for the production of renewable hydrogen in Europe and around the world, which is acknowledged as one of the cleanest energy fuels available today.
The bank aims to attract private investment in hydrogen production and transportation, both within the EU and beyond the world.
"Germany is the first EU member to participate in the green hydrogen auction, allocating 350 million euros from its federal budget to hydrogen generation in the Federal Republic of Germany," the report noted.
The European Commission is producing a draft "international part of the European Hydrogen Bank" on a coordinated EU strategy for importing renewable hydrogen.
This project will have a special impact on Azerbaijan's interests, as the country has committed to exporting green hydrogen to the European Union.
As part of the RePowerEU program, the EU plans to create 10 million tons of green hydrogen per year by 2030 and import an equivalent quantity.
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