On November 7, EC President von der Leyen delivered a video message at the 4th Renewable Hydrogen Summit, with the following key points:
In the last 12 months, Europe has made final investment decisions on more than 2 gigawatts of renewable hydrogen energy projects, four times the current installed capacity. by 2024, European investment in hydrogen energy will have grown by 140%, and Europe’s investment in electrolyzers will account for nearly a third of the global investment. With the support of the European Innovation Fund, Stegra’s Boden steel plant in Sweden will become the world’s largest renewable hydrogen energy project. Ten other large-scale projects in member states such as Denmark and Germany have also moved from the conceptual stage to construction.
The development of hydrogen energy has largely benefited from clear development targets and legislative support. repowerEU has set a target of producing 10 million tons of renewable hydrogen by 2030. According to the Renewable Energy Directive, by 2030, at least 42% of industrial hydrogen and 29% of transportation hydrogen must be renewable, and member states have until May 2025 to transpose this into national law.
As a next step, in order to accelerate the development of hydrogen energy, first the EU needs to speed up the establishment of a clean lead market. This will be a key part of the Clean Industrial Deal that the new EC will propose within 100 days of its creation. The EC is working closely with member states and industry off-takers, from steel and chemical producers to transportation and energy storage providers, to identify priorities. The hope is to prioritize the infrastructure needed to connect large-scale hydrogen projects to end users. Tap into Europe’s renewable energy potential to help decarbonize industries such as steel and cement. Secondly, to help companies scale up hydrogen production. Last year, a fixed premium was offered for the production of renewable hydrogen over the next decade through the creation of the European Hydrogen Bank. A second auction will be held this December to raise €1.2 billion to fund the project. A key new element is also being added, a clause designed to encourage the use of equipment from European companies to ensure Europe’s energy independence.