EU to create €3bn hydrogen bank

Institution will guarantee purchases of hydrogen using resources from the EU’s Innovation Fund

The EU will create a €3bn ($3bn) European Hydrogen Bank to help secure hydrogen supplies for member states, European Commission president Ursula von der Leyen said in her State of the EU address today. The bank will guarantee purchases of hydrogen using resources from the EU’s Innovation Fund—a facility focusing on technology development that is financed by revenues from the Emissions Trading System.  “We need to move our hydrogen economy from niche to scale,” says von der Leyen. “To achieve this, we must create a market maker for hydrogen, in order to bridge the investment gap and connect future supply and demand.” The policy is an evolution of the European Commission’s global European hydr