The European Hydrogen Bank as an Element of Support for the EU Hydrogen Strategy

Abstract

Abstract The European Hydrogen Bank is a new platform intended to connect users with producers and stimulate the private sector’s interest in new, environmentally friendly, hydrogen technologies. One of the purposes of this new institution is to reduce the cost difference between hydrogen produced in accordance with the guidelines of the delegated acts of the REDII (renewable hydrogen) and hydrogen produced from fossil fuels, and to increase the predictability of producer incomes. The institution is also designed to play a coordinating role, for instance, by collecting information on demand and supply, providing transparent information on prices and developing hydrogen market price benchmarks. The bank is expected to become operational by the end of 2023. Particular emphasis is put on the financing of projects that contribute to the objectives of the European Green Deal, such as decarbonisation of industrial sectors that are difficult to electrify. The EHB is a key tool for driving the development and deployment of hydrogen technologies from renewable sources across the European Union. By providing financial support for hydrogen projects and supporting cooperation between EU Member States, the EHB can streamline the transition to a green hydrogen economy and contribute to Europe’s climate and energy objectives.