In her speech at the European Hydrogen Week, Ursula von der Leyen announced significant investments towards the European Green Deal. The Next Generation EU and REPower EU initiatives are expected to direct funds towards projects such as ‘hydrogen valleys’, hydrogen trains, and clean steel factories.
The European Commission has already approved 17 billion euros in state aid for approximately 80 hydrogen projects across the EU. Furthermore, the commission is launching the first auction of the European Hydrogen Bank with the support of 800 million euros in European funding. This move is expected to attract financing from the private sector and result in commercial off-take agreements.
President von der Leyen also revealed plans for future steps of the European Hydrogen Bank, including a second round of auctions in spring 2024 with a total value of three billion euros. Moreover, efforts are underway to establish an international aspect of the European Hydrogen Bank to ensure diversified imports of renewable hydrogen from reliable suppliers abroad. Overall, these developments signify a significant commitment by Europe to transition towards a cleaner and more sustainable energy future.