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Green Hydrogen H2 News

Argentina’s Green Hydrogen Industry Receives Boost from EU’s Mega-Fund

Anela DoksoBy Anela Dokso15/06/20233 Mins Read
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Argentina’s aspirations in the green hydrogen sector have received a significant boost with the announcement that its renewable hydrogen industry is poised to benefit from a portion of the €10 billion ($10.9 billion) mega-fund allocated by the European Union (EU) to develop sustainable supply chains in Latin America and the Caribbean.

During her visit to Buenos Aires, European Commission President Ursula von der Leyen disclosed the news as part of the EU’s outreach efforts in Latin America, aimed at establishing a free trade agreement with Mercosur—an economic bloc comprising Argentina, Brazil, Paraguay, and Uruguay.

Von der Leyen, as part of the EU’s Global Gateway international investment initiative, has already pledged financial support through grants and loans for critical raw materials, renewable energy, and green hydrogen in Brazil.

Argentina’s vast potential for renewable energy, particularly in solar and wind power for green hydrogen production, was highlighted by von der Leyen, who described the country as a potential regional hub for renewables. She emphasized the importance of clean energy transition in Argentina, job creation, and the significance of Argentina as a reliable clean energy supplier for the European Union.

Given the logistical challenges of shipping clean energy from Argentina to Europe, the preferred option is to transport it in the form of green hydrogen or its derivatives, such as ammonia.

The EU’s Global Gateway fund aims to mobilize €300 billion of European investment in strategic sectors abroad by 2027. This initiative provides a conducive environment for private investments from Europe in Latin America and the Caribbean, including Argentina.

However, the specific allocation of the €10 billion fund for green hydrogen development in Argentina remains unclear. The fund is intended to be shared among green hydrogen projects across Latin America and the Caribbean, as well as other sectors like renewables and critical raw materials such as lithium.

Considering the significant cost associated with large-scale hydrogen projects, the shared fund might face challenges in adequately supporting various projects across different countries and sectors.

For instance, the proposed 15 GW project by Fortescue Future Industries (FFI) in Patagonia carries a price tag of €8.4 billion. However, the project’s viability is reportedly in jeopardy due to restrictions on accessing foreign currency in Argentina.

Argentina’s draft hydrogen legislation is currently undergoing parliamentary proceedings, and a provision stipulates that at least 50% of green hydrogen equipment must be sourced from local companies, even though Argentina lacks electrolyzer factories.

In neighboring Chile, reports suggest that the country is planning to establish a €728 million fund for green hydrogen projects, with financial support from the World Bank, the European Investment Bank (EIB), KfW (Germany’s state-owned development bank), and the International Development Bank headquartered in Washington, DC.

The allocation of the EU mega-fund represents a significant opportunity for Argentina’s green hydrogen industry. However, challenges related to funding availability, local content requirements, and access to foreign currency may pose hurdles to the realization of the country’s ambitious hydrogen plans.

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