In a strategic alliance, the European Investment Bank (EIB) and Germany are reinforcing the Green Hydrogen Fund, marking a significant step towards the fund’s expanded mission and global outreach in advancing the hydrogen economy.
Established in 2021 and managed by EIB, the Green Hydrogen Fund is set to evolve its role by incorporating investment grants alongside strategic counsel and technical support to developing nations engaged in green h2 initiatives or projects.
The inclusion of investment grants is anticipated to enhance the fund’s effectiveness, especially in catalyzing projects often considered too high-risk by conventional investors. EIB emphasizes that this added financial support aims to bridge the financing gap for large-scale green hydrogen endeavors.
The fund’s portfolio encompasses subsidizing investments and advisory services across the entire value chain: from green hydrogen production and processing to storage and the development of transport infrastructure for hydrogen and downstream products. This comprehensive approach aligns with its overarching goal of contributing to global energy transition, sustainable and emission-free economic development, and the attainment of climate objectives. Furthermore, EIB highlights the fund’s potential to fortify EU energy security.
With this latest infusion of resources, EIB’s development arm, EIB Global, and the German Ministry for Economic Affairs solidify their longstanding collaboration in the green hydrogen sector.
Werner Hoyer, President of EIB, emphasized, “Green hydrogen can help industries reduce their carbon footprint. The countries of the Global South have enormous potential to produce the renewable energy needed for green hydrogen. With the Green Hydrogen Fund, we are building a bridge between the innovative projects required to limit global warming to an acceptable level and the economic development of countries and regions most affected by the consequences of climate change.”
He further noted, “Together with the German Ministry for Economic Affairs and Climate Protection, we will offer technical assistance and investment grants through the fund. This will enable our partners to integrate green hydrogen into their climate action plans and develop infrastructure projects that can make green hydrogen a reality on a large scale.”
