The EU's Hydrogen Bank has initiated operations, offering €800 million to hydrogen producers to stimulate demand for this crucial fuel, vital for industrial decarbonisation. By 2030, Europe aims to produce 10 million tonnes of renewable hydrogen annually. The EU will bridge the price gap between companies' capacities to pay and the high prices charged by clean-burning gas producers, facilitating the transition to sustainable hydrogen.

Source of information: https://www.euractiv.com/section/energy-environment/news/e800-million-to-jolt-the-market-europes-hydrogen-boosters-activate/ (Published 24 November 2023)