The Hydrogen Council, a global initiative of CEOs representing energy, transport, and industry organisations advocating for the accelerated deployment of hydrogen solutions, and the European Investment Bank (EIB) signed a landmark agreement to collaborate on the development of innovative schemes to finance hydrogen projects to address climate change.
Under this partnership, EIB will provide strategic financial advice and support to companies preparing to deploy large-scale hydrogen projects, making such solutions more readily available to consumers around the world.
The collaboration between the Hydrogen Council and the EIB is a step to accelerate the energy transition. The Hydrogen Council is engaging the global investment community, with the understanding that transitioning towards a low-carbon economy will require significant financial commitments. The hydrogen economy will require annual investments of USD 20-25 billion until 2030. Though a significant investment, the amount is a fraction of what the world invests in oil and gas and renewable electricity per year. The EIB and the Hydrogen Council’s cooperation will help to accelerate and facilitate access to funding for a number of hydrogen projects which will benefit from the EIB’s InnovFin Advisory support.
The agreement will also contribute to identify and source hydrogen investment projects which could be financed by the EIB, and in so doing address energy transition and carbon reduction challenges.
“We share common goals with the Hydrogen Council. The European Investment Bank is the European Union’s Climate Bank and financing new technologies and innovative projects that help to fight climate change is at the very heart of what we do,” EIB Vice-President, Ambroise Fayolle, said.