{"id":3510822,"date":"2024-05-02T07:53:13","date_gmt":"2024-05-02T06:53:13","guid":{"rendered":"https:\/\/www.globalfactor.com\/?p=3510822"},"modified":"2024-05-02T07:56:09","modified_gmt":"2024-05-02T06:56:09","slug":"european-hydrogen-bank-auction-provides-e720-million-for-renewable-hydrogen-production-in-europe","status":"publish","type":"post","link":"https:\/\/www.globalfactor.com\/en\/european-hydrogen-bank-auction-provides-e720-million-for-renewable-hydrogen-production-in-europe\/","title":{"rendered":"European Hydrogen Bank auction provides \u20ac720 million for renewable hydrogen production in Europe"},"content":{"rendered":"

Today, the Commission is awarding nearly \u20ac720 million to seven renewable hydrogen projects<\/strong> in Europe, selected through the first competitive bidding process under the European Hydrogen Bank<\/a>. <\/strong>The funds for this auction come from the revenues of the EU Emissions Trading System. <\/strong>The winning bidders will produce renewable hydrogen in Europe and will receive a subsidy to bridge the price difference between their production costs and the market price for hydrogen, which is currently driven by non-renewable producers. The European Hydrogen Bank is therefore contributing to the scale-up of cleaner fuels which will contribute to the decarbonisation of European industry. The renewable hydrogen they produce will be used in sectors such as steel, chemicals, maritime transport and fertilisers.<\/p>\n

The 7 selected projects were the winners of an oversubscribed auction which attracted 132 bids in total. Together, the winning bidders plan to produce<\/strong> 1.58 million tonnes of renewable hydrogen over ten years, avoiding more than 10 million tonnes of CO2<\/sub><\/strong> emissions<\/strong>. The selected projects are located in 4 European countries. They submitted bids between \u20ac0.37 and \u20ac0.48 per kilogram of renewable hydrogen produced, and also met the other qualification requirements. The subsidy the 7 projects will receive ranges from \u20ac8 million to \u20ac245 million.<\/p>\n

These are the selected projects:<\/p>\n

In addition, through the new \u201cAuctions-as-a-service\u201d mechanism, \u20ac350 million in national funding has been made available by Germany for the highest ranked projects<\/a> in Germany which did not qualify for EU-level support, but which do meet the eligibility criteria. The German authorities will select and communicate<\/a> the winning projects. The \u201cAuctions-as-a-service<\/a>\u201d scheme is open to all Member States, enabling them to benefit from the EU-level auction platform and award national funding to additional projects. The Commission invites other Member States to take advantage of this service for future auctions.<\/p>\n

Next Steps<\/strong><\/p>\n

The seven selected projects will now start preparing their individual grant agreements with the European Climate, Infrastructure and Environment Executive Agency (CINEA)<\/a>. These agreements are expected to be signed by November 2024 at the latest.<\/p>\n

Selected projects will have to start producing renewable hydrogen within a maximum of 5 years<\/strong> after signing the grant agreement. They will receive the awarded fixed premium subsidy for up to 10 years for certified and verified renewable hydrogen production.<\/p>\n

The Commission plans to launch a second European Hydrogen Bank auction by the end of this year<\/strong>. It will draw on the lessons learned from this pilot auction<\/a> and also further consult stakeholders before launching the next auction.<\/p>\n

Source: European Commission<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

Climate change news<\/p>\n","protected":false},"author":1,"featured_media":3510478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[89,88],"tags":[],"class_list":["post-3510822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily","category-news"],"_links":{"self":[{"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/posts\/3510822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/comments?post=3510822"}],"version-history":[{"count":2,"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/posts\/3510822\/revisions"}],"predecessor-version":[{"id":3510824,"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/posts\/3510822\/revisions\/3510824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/media\/3510478"}],"wp:attachment":[{"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/media?parent=3510822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/categories?post=3510822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalfactor.com\/en\/wp-json\/wp\/v2\/tags?post=3510822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}