Europe is poised to dominate the green hydrogen market over the next five years, with the UK and the US facing an uphill battle to catch up, according to a report by international law firm Pillsbury.
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The creation of the European Hydrogen Bank, announced a little over a year ago by Commission President Ursula von der Leyen, was a watershed moment for Europe’s hydrogen economy. On top of the important regulatory work being done to create the framework for this nascent market, we now had a much-needed support scheme administered at the European level for the continent’s first major hydrogen projects.
For Europe, the race to secure a prominent position in the green hydrogen landscape is nothing short of a strategic imperative.
Europe is at a crossroads in its pursuit of green hydrogen, a potentially transformative energy source that could revolutionize various sectors while significantly reducing carbon emissions.
Europe, despite its commitment to environmental sustainability, finds itself ensnared in the web of fossil fuels, with oil, gas, and coal comprising nearly 65% of its energy mix. This heavy reliance on fossil energies not only fuels climate change but also poses a significant geopolitical challenge, hindering Europe’s quest for energy independence. In this exploration, we delve into the current energy landscape, the challenges it poses, and the transformative role hydrogen is set to play.
The ambitious transition towards a sustainable and decarbonized hydrogen economy in Europe faces a roadblock due to ambiguous regulatory language in the European Union’s upcoming hydrogen and decarbonized gas markets package.
The Renewable Grid Initiative (RGI), a consortium of 13 European grid operators, has released a report that questions the efficiency of Europe’s plan to produce 10 million tons of green hydrogen annually by 2030. While this ambitious goal aligns with the EU’s energy plan REPowerEU, which also includes importing an additional 10 million tons of green hydrogen, concerns are arising regarding the optimal use of renewable energy in achieving this target.
In the pursuit of carbon neutrality and the reduction of greenhouse gas emissions, green hydrogen has emerged as a pivotal component of Europe’s renewable energy strategy.
Europe is taking bold steps towards establishing a hydrogen economy with the recent adoption of the Alternative Fuel Infrastructure Regulation (AFIR).
European Commission-delegated Regulations defining the legal framework for renewable hydrogen have come into force.
