The European Investment Bank (EIB) will provide financial advisory support for hydrogen projects introduced by Hydrogen Europe, the bank announced late Thursday.
Hydrogen Europe, an umbrella association representing European industry, research, and national and regional associations in the hydrogen and fuel cell sector, signed an agreement for cooperation on market development initiatives and joint market outreach.
The agreement will ultimately help to develop dedicated EIB financing products for green hydrogen to achieve 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 statement read, adding that total investment in clean hydrogen in Europe is expected to reach €470 billion by 2050.
The European Hydrogen Strategy, which is part of the European Green Deal, aims to enable the widespread use of hydrogen by 2050.
In line with this 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.
By Gulsen Cagatay