The European Union (EU) has unveiled their plan to become world leaders in hydrogen production that will see 6 gigawatts of renewable hydrogen produced via electrolysis by 2024.
“Because this is seen by the private sector as a huge opportunity we have to be careful that we don’t put public money in places where private money would almost spontaneously go,” Timmermans said.
Producing renewable hydrogen in Europe will cost between € 180 billion and €470 billion by 2050. The EU will produce 40 gigawatts of renewable hydrogen by 2030 while getting hydrogen prices down to €2.50 – €5.50 per kg.