Germany and EU Invest Over €1 Billion to Propel Global Green Hydrogen Economy
In a joint effort to boost the green hydrogen economy, the German Federal Government and the European Union have unveiled substantial financial support exceeding one billion euros through two distinct funds. The EU’s Innovation Fund, with an allocation of 800 million euros, aims to foster renewable fuel of non-biological origin (RFNBO) hydrogen production within the EU and the European Economic Area. The fund addresses the financing gap between production costs and consumer willingness to pay, encouraging the development of a robust European hydrogen market.
In contrast, the German PtX Development Fund, backed by 270 million euros from the German Federal Ministry for Economic Cooperation and Development, targets developing countries and emerging economies outside the EU. This initiative focuses on Power-to-X (PtX) technology, facilitating the conversion of renewable energy into green hydrogen or its derivatives like green ammonia, eSAF, and green fertilizers on an industrial scale.
For the EU Innovation Fund auction, companies interested in participating must submit comprehensive project documentation by the deadline of February 8, 2024. On the other hand, the PtX Development Fund is open for expressions of interest until March 1, 2024, with a focus on projects in Brazil, Egypt, Georgia, India, Kenya, Morocco, and South Africa. The PtX Development Fund emphasizes eligibility criteria such as renewable energy sourcing, greenhouse gas emissions reduction, and substantial local economic impact, offering grants contributing to total investment costs and targeting a size of EUR 30 million. These initiatives underscore our commitment to accelerating the transition to green hydrogen and meeting ambitious climate targets.
Source : solarquarter.com
