After decades of stagnation and multiple false dawns, the hydrogen economy is finally taking off, with some experts predicting that hydrogen could become a globally-traded energy source, just like oil and gas. A growing number of countries and industries are proactively investing in hydrogen technologies; none, however, can rival the EU’s zeal.
The European Union has set out its new hydrogen strategy as part of its goal to achieve carbon neutrality for all its industries by 2050.
In a big win for the hydrogen sector, the EU has outlined an extremely ambitious target to build out at least 40 gigawatts of electrolyzers within its borders by 2030, or 160x the current global capacity of 250MW. The EU also plans to support the development of another 40 gigawatts of green hydrogen in nearby countries that can export to the region by the same date.
The EU aims to have at least 6 gigawatts of clean hydrogen electrolyzers installed by 2024.
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Source: Oil Price