The European Investment Bank (EIB) has signed an agreement with The Hydrogen Council to accelerate funding and the deployment of large-scale hydrogen projects.
As part of the deal, EIB and the Hydrogen Council will develop innovative schemes to finance hydrogen projects to address climate change.
Through its InnovFin Advisory programme, EIB will provide strategic financial advice and support to companies preparing to deploy large-scale hydrogen projects.
EIB and the Hydrogen Council have already identified more than 20 hydrogen projects as examples of initiatives that are ready to be scaled.
The hydrogen sector will require annual investments of $20-25 billion until 2030, according to a statement.
The Hydrogen Council has found that hydrogen can address 18% of global energy demand and abate one-fifth of emissions.
IEA Executive Director Fatih Birol, said: “Hydrogen has great potential to play a key role in achieving a clean, secure and affordable energy future, as the IEA highlighted earlier this year in our ground-breaking report on the subject for the G20. The world now needs to take tangible action by scaling up hydrogen deployment through projects that can make a difference.”
Launched at the World Economic Forum in Davos in 2017, the Hydrogen Council is a first-of-its-kind global CEO initiative to foster the role of hydrogen technologies in the global energy transition. The coalition of 60 members
To date, the Council has published three studies exploring the role of hydrogen in the energy transition.