The European Commission on Wednesday mapped out its vision to promote renewable hydrogen, a sector expected to lure up to 470 billion euros ($530.72 billion) in investment as the European Union strives for net zero emissions by 2050. European industry already uses around 8 million tonnes of hydrogen annually, but most is so-called grey hydrogen, which is made from natural gas through a process that produces planet-warming emissions.
The EU’s priority is to develop carbon-neutral or green hydrogen for use from 2030-50 in sectors, such as the steel industry, that are hard to decarbonise, or where electrification is difficult or impossible. Climate Commissioner Frans Timmermans said the bloc needed progressively to grow “a small niche market” to one of scale.
Investments in renewable hydrogen, meanwhile, could reach between 180 billion and 470 billion euros by 2050, the Commission, the EU executive, has said…
View entirety: Reuters