President of the European Commission (EC) Ursula von Der Leyen today announced the creation of a new European Hydrogen Bank aimed at bridging the hydrogen investment gap and connecting future supply and demand.
The new European Hydrogen Bank will guarantee the purchase of hydrogen using resources from the Innovation Fund, with an investment of €3 billion to help build the future market for hydrogen, von der Leyen said during the State of the Union address.
“And hydrogen can be a game changer for Europe. We need to move our hydrogen economy from niche to scale. With REPowerEU, we have doubled our 2030 target to produce ten million tons of renewable hydrogen in the EU, each year.
“To achieve this, we must create a market maker for hydrogen, in order to bridge the investment gap and connect future supply and demand. That is why I can today announce that we will create a new European Hydrogen Bank.
“It will help guarantee the purchase of hydrogen, notably by using resources from the Innovation Fund. It will be able to invest €3bn to help building the future market for hydrogen. This is how we power the economy of the future. This is the European Green Deal,” according to a transcript of her remarks.
