Brussels: “Hydrogen will play an important role in achieving our Green Deal objectives, particularly in terms of phasing out fossil fuels and supporting decarbonization”

HIBAPRESS-RABAT-CE

The Hydrogen Pilot Facility is part of the European Commission’s ongoing work to establish a European multi-product platform for the joint procurement of strategic raw materials

As a result, the European Commission has launched work to develop a pilot mechanism to support the development of the European hydrogen market, as part of efforts to decarbonize the green transition of the economy.

The new mechanism, established as part of the recently adopted legislative package on decarbonized gases and hydrogen, aims to accelerate investments by providing a clearer picture of the market situation of buyers and suppliers and facilitating contacts between them.

The new tool will be implemented for five years and will be part of the European Hydrogen Bank, this mechanism will process information on prices, demand and supply of hydrogen and low-carbon renewable derivatives and will connect European buyers and European and foreign suppliers.

Improving the visibility of demand between suppliers and consumers will help accelerate final investment decisions in Europe and guarantee purchasing agreements, says Brussels, noting that hydrogen “will play an important role in the achieving our Green Deal objectives”, particularly in terms of phasing out fossil fuels and supporting decarbonisation and the competitiveness of European industry.

“Hydrogen is a strategic element of the EU’s clean energy transition. This is essential not only to achieve our net zero emissions targets, but also to maintain our competitiveness and preserve Europe’s position as a leading global economic power,” commented the Commission Vice-President responsible for of the Green Deal for Europe (Green Deal), interinstitutional relations and foresight, Maroš Šefčovič.