BAKU, Azerbaijan, October 24. The EU aims to expand the supply of renewable hydrogen, forming a diverse and decarbonized energy system that is not reliant on Russian energy imports, the European Commission said, Trend reports.
The proposed package for the hydrogen and decarbonized gas market will establish the framework for the hydrogen market and make it easier for renewable and low-carbon gases to enter the market.
At the same time, according to the Commission, the European Hydrogen Bank will play a pivotal role in overcoming initial investment challenges for renewable hydrogen by bridging the cost gap between renewable hydrogen and fossil fuels.
The aggregation of hydrogen demand has the potential to connect future hydrogen producers with consumers, leveraging the EU's political and market influence in negotiations with international hydrogen producers, ultimately resulting in more competitive prices.
Meanwhile, the EU is actively seeking partnerships with countries in the Mediterranean basin, the North Sea region, Gulf countries, Saudi Arabia, and Ukraine to explore the potential import of renewable hydrogen. In 2022, during COP 27 in Sharm el-Sheikh, the EU solidified a partnership with Egypt to facilitate the adoption of renewable hydrogen investments and trade.
