Creating a European Hydrogen Backbone: Plans for 2.5 Billion Euro Underwater Pipeline Announced

Creating a European Hydrogen Backbone: Plans for 2.5 Billion Euro Underwater Pipeline Announced

The leaders of Spain, France, Portugal and the European Commission have announced plans for a 2.5 billion euro ($2.6 billion) underwater pipeline to transport green hydrogen between Barcelona and Marseille. The pipeline, which will have a capacity of 2 million tonnes per year and be completed by the end of the decade, is part of a larger initiative to create a “European hydrogen backbone” that will produce 10 million tonnes of clean hydrogen a year and import an additional 10 million tonnes by 2030. The project is expected to be partly funded by the EU, with the other half coming from national grids and private investments. Additionally, there are plans for a 350 million euro pipeline connecting Spain and Portugal.

Green Hydrogen and European Hydrogen

Green hydrogen is a form of clean energy produced by electrolyzing water with renewable electricity. It has the potential to reduce carbon emissions in Europe significantly, as it does not produce any CO2 during production. According to the European Commission, green hydrogen could account for up to 14% of total EU energy consumption by 2050. In addition, the European Union has committed to investing €7 billion in green hydrogen projects over the next decade. Furthermore, the European Commission has set a target of 6 GW of installed capacity for green hydrogen production by 2024. This is expected to rise to 40 GW by 2030 and up to 1,000 GW by 2050. The European Commission also plans to invest €1 billion in research and innovation for green hydrogen technologies over the next five years.
You might also like this article: Erbschaftsteuer: Eine praxistaugliche Lösung für Erbengemeinschaften bei Immobilien.
Picture source: Ronnie George

Schreibe einen Kommentar

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert