Thursday 5 November 2020

EIT InnoEnergy launches scheme to stimulate annual €100bn green hydrogen economy by 2025

EIT InnoEnergy has launched a new initiative to support the development of an annual €100 billion (£90bn) green hydrogen economy by 2025.

The European Green Hydrogen Acceleration Center (EGHAC) is forecast to stimulate the energy market in such a way that it could create 500,000 jobs across the green hydrogen value chain, according to the European independent body.

The initiative aims to create a pipeline of large-scale projects, launch public-private partnerships and accelerate the speed of green hydrogen delivery from megawatts to gigawatts.

The EGHAC is supported by the Breakthrough Energy, a network of entities established by Bill Gates and 28 high net-worth investors from ten countries.

Jacob Ruiter, Member of EIT InnoEnergy Executive Board, said: “The commercialisation of green hydrogen is absolutely vital if Europe is to achieve its ambitious goals of becoming the first net zero continent by 2050.

"Quite simply, there is no better way of decarbonising heavy industry and heavy transport, and it can also play a significant role in supporting grid flexibility through storage.”