• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Europe
  4. EU to establish hydrogen bank with $3 billion fund
Europe

EU to establish hydrogen bank with $3 billion fund

  • By Al-Mayadeen English
  • Source: Agencies & Al-Mayadeen
  • 14 Sep 2022 19:38

EU aims to lead in clean hydrogen economy.

  • EU Chief Von der Leyen
    EU Chief Von der Leyen

European Commission President Ursula von der Leyen stated on Wednesday that the EU is set to establish a hydrogen bank with a $3 billion fund to invest in the hydrogen market.

"Today I will be announcing that we have created a new European hydrogen bank," Von der Leyen stated. "This will help to guarantee the supply of hydrogen, using money from the innovation fund. We will be able to invest 3 billion euros to help to construct a future hydrogen market," she added during her annual State of the EU address.

The European Commission adopted in 2020 a hydrogen strategy that aims to position the EU as a world leader in a clean hydrogen economy.

“Hydrogen has a huge potential going forward. It is an indispensable component for the diversification of energy sources and the green transition," stated EU Competition Commissioner Margrethe Vestager on July 15.

While the strategy was announced in 2020, the EU's sanctions on Russia following the war in Ukraine, which led to energy shortages and extreme price hikes in the member states, have put the EU on a fast track to diverse energy sources, including hydrogen.

So far, the EU's attempts to manage the economic crisis following the confrontation with Russia show no signs of fast enough effectiveness, as a study conducted by the European Trade Union Confederation (ETUC) revealed a few days ago that low-income Europeans cannot afford energy bills.

"When your bill costs over a month's wages, there's no clever money-saving trick that will make a difference," ETUC Deputy General Secretary Esther Lynch said in a statement, adding, "These prices are now simply unaffordable for millions of people."

Euro slides to a 20-year low against the dollar

On September 5, the euro dropped 0.70% to 0.9884 dollars, its lowest level since December 2002, after losing parity for the first time in 2 decades last July.

Prices all over Europe have been inflated by almost 400% due to the restricted gas flow from Russia, with expectations that they increase further after Moscow went back on its decision to continue pumping gas through Nord Stream 1 to Germany due to maintenance issues.

Surging costs of power linked to gas prices have already stunted the production of various industries, such as fertilizers and aluminum manufacturers, and prompted EU governments to increase their spending by billions in order to help their citizens.

Read more: EU might label gas, nuclear energy as 'green'

  • European Union
  • energy
  • Clean Energy
  • Russia

Trending Now

All
Russia to send 20,000T of fertilizer to Nigeria free of charge: Lavrov

Russia vows 20,000 tons of fertilizers to Nigeria free of charge: FM

Most Read

The Middle East Stabilises, Against the Backdrop of a Great Unravelling

The Middle East Stabilises, Against the Backdrop of a Great Unravelling

  • Analysis
  • 28 May
In this image released by the Italian firefighters, a helicopter searches for missing passengers after a tourist boat capsized in a storm on Italy's Lago Maggiore in the northern Lombardy region, May 28, 2023 (AP)

Top Israeli intelligence official dead in Italy: Israeli media

  • Europe
  • 29 May
The domestically produced C919 passenger jet flies at the China International Aviation and Aerospace Exhibition in Zhuhai, Guangdong province, Peoeple's Republic of China, 8 November 2022. (Reuters)

China is set to launch first commercial flight on its C919 plane

  • Asia
  • 26 May
Saudi Arabia's Hawiyah Natural Gas Liquids Recovery Plant which is operated by ARAMCO. (AP)

Tensions between Riyadh and Moscow on the rise due to oil prices: WSJ

  • MENA
  • 28 May

Read this

All
US sailors aboard an amphibious transport dock ship keep watch on Iranian fast inland attack craft in Strait of Hormuz on 12 August (AFP photo/US Navy)
MENA

UAE withdraws from US-led Middle East Maritime Security Alliance

  • 31 May
Piles of waste turn the Himalayas into 'gigantic rubbish bins'
Asia

Climbers' piles of waste turn the Himalayas into 'giant dustbin'

  • 31 May
This photo released Nov. 5, 2019, by the Atomic Energy Organization of Iran shows centrifuge machines in Natanz uranium enrichment facility near Natanz, Iran. (AP)
US & Canada

US seeks Omani mediation for Iran nuclear program deal: Axios

  • 31 May
President Donald Trump holds a signed Constitution Day proclamation after he spoke to the White House conference on American History at the National Archives museum, Thursday, Sept. 17, 2020, in Washington. (AP)
US & Canada

Trump vows to deny birthright citizenship to children of immigrants

  • 31 May
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS