EIT InnoEnergy has launched the European Green Hydrogen Acceleration Center (EGHAC) to support the development of an annual €100 billion ($117.6 billion) green hydrogen economy by 2025.
The green hydrogen economy is expected to create half a million direct and indirect jobs.
The launch of the new centre is supported by Breakthrough Energy, a network of entities founded by Bill Gates and the world’s top tech and business leaders to speed the transition to a clean energy future.
The EGHAC will manage several workstreams, including:
- The promotion and co-creation of industrial projects across the value chain;
- Building connections with other industrial and energy value chains;
- Acceleration of technology development;
- Stimulation of market growth;
- Societal acceptance;
- Addressing the skills gaps.
EIT InnoEnergy will leverage its experience gained from the European Battery Alliance to run the centre.
Green hydrogen is expected to play a huge role in helping Europe to achieve its net-zero goals in the next decades.
The energy source is expected to help the bloc to lessen its dependence on over €320 billion ($376.2 billion) of fossil fuel imports each year. To meet this potential, Europe needs to create a world-class investment environment to accelerate innovation and production capacity.
EGHAC is expected to accelerate green hydrogen production at gigawatt scale to deliver large-scale industrial projects across Europe.
Jacob Ruiter, a member of EIT InnoEnergy Executive Board, said: “The commercialisation of green hydrogen is absolutely vital if Europe is to achieve its ambitious goals of becoming the first net-zero continent by 2050. Quite simply, there is no better way of decarbonising heavy industry and heavy transport, and it can also play a significant role in supporting grid flexibility through storage.
“We are delighted to be spearheading this initiative with the support of Breakthrough Energy and look forward to working in earnest to reduce the cost of green hydrogen, stimulate market uptake and build a strong European green hydrogen value chain, as quickly as possible. Speed is of the essence.”
Ann Mettler, senior director at Breakthrough Energy, adds: “The European Union’s Green Deal is the perfect launching pad for the European Green Hydrogen Acceleration Center. Building on the political momentum, the Center will use green hydrogen as a driver for the deep decarbonisation of European industry. Against this backdrop, it will create a pipeline of pioneering large-scale projects, launch a new generation of public-private partnerships and accelerate the speed of delivery from mega- to gigawatts.”