EU Commission Approves Hydrogen Funding Worth Billions

Abdul Ghani

There is currently great hope that hydrogen can also replace coal, oil, or natural gas in the future. The EU has big plans. In the fight against climate change, Germany and other EU countries are allowed to support the European hydrogen industry with up to 5.4 billion euros. The EU competition authorities have given the green light for the multi-billion dollar subsidy to support the energy transition, according to information from the EU Commission on Friday. The administration assumes that the funding should mobilize additional private investments of almost nine billion euros.

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Margrethe Vestager European Commissioner for Competition.Image by Wikimedia Creative Commons

According to the Federal Ministry of Economics and Finance, the funding that has now been approved is the first of several waves. There are four first projects from Germany. "Further projects from Germany are still in the approval process," the ministries announced. Friday's decision is all about technology. An industrial wave is expected for the autumn. In addition, projects for ​​mobility and infrastructure are being planned.

According to the Ministry of Economic Affairs, the federal government has already selected 62 significant projects for the project in Germany. These are to be funded with more than eight billion euros in federal and state funds. As a result, the federal government hopes to invest 33 billion euros in Germany alone. The eight billion planned by the federal government relate to all waves, including those that the federal government has not yet approved.

Hydrogen to diversify energy

"Hydrogen has enormous future potential. It is indispensable for the diversification of energy sources and ecological change," said EU Competition Commissioner Margrethe Vestager. Internal Market Commissioner Thierry Breton stressed that the deal could lead to EU companies becoming leaders in the hydrogen industry.

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Member Of Freelancers Union (USA), Freelance Writer!, and Digital Creator. Ghani Mengal is an enthusiast Freelance blogger and digital marketer. His content has been published and featured on many popular blogs, websites, and publications. Including TeelFeed, LifeHack.org, Data-Driven Investor, TextSniper, Scientific Publication The Predict, The Startup, The Ascent, Heart Affairs, Illumination, And The List goes on.

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