The European Commission (EC) has approved a huge hydrogen initiative that would be financed by 15 European Union (EU) countries and 35 companies as it continues to diversify its energy supplies.
Under the plan, EU member states would work on 41 “important projects of common interest” (IPCEI) to create a hydrogen hub. The IPCEI Hy2Tech initiative would contribute to EU decarbonization targets. It would also aid the bloc’s REPowerEU Plan, which is aimed at reducing the continent’s reliance on Russian fossil fuels.
The plan’s projects include developing hydrogen generation technologies, hydrogen storage, production, transportation and distribution.
“Russia’s unprovoked and unjustified military aggression against Ukraine has only underlined the need for Europe to diversify its energy sources and fast-forward the green transition,” said EC Executive…