Winston Churchill famously once said “never let a good crisis go to waste” and the current energy crisis in Europe has opened wide the door for new energy sources to enter grids in a meaningful way and provide energy diversification.
Jack Colreavy’s ABSI explores the establishment of the European Hydrogen Bank and the role green hydrogen will play for a continent in energy turmoil.
Exciting news for green hydrogen last week with the European Union announcing the establishment of a European hydrogen bank. Now the details are very limited at this stage, but it will be initially capitalized at 3 billion and the purpose of the bank will be to purchase green hydrogen from the market and then sell it on to users of green hydrogen.
Now what this will do, it will stimulate the production of green hydrogen in the European Union because sellers of green hydrogen now know they have a bar of last resort. This obviously coming off the back of a European energy crisis with Russian natural gas, but it's also in direct response to other countries offering very generous subsidies for green hydrogen.
America is the best example through their Inflation Reduction Act, which will subsidize green hydrogen. By up to 3 a kilo. From an Australian perspective, they are touted as a future superpower in the export of green hydrogen, and there are subsidies for future producers. However, given the generosity of green hydrogen subsidies in other territories, the Australian government will have to step up its game in order to continue to attract investment in the space.
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Disclaimer:
Barclay Pearce Capital Management Pty Ltd is the holder of an Australian Financial Services Licence (Number: 503261). The information provided on this website is general in nature only and does not constitute personal advice. The information has been prepared without taking into account you or your company’s objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. You should seek independent financial advice and read the relevant disclosure statements or other offer documents prior to making an investment decision about a financial product. The material contained on the website is for information purposes only and should not be construed as an offer or solicitation or recommendation to buy or sell financial products.
Barclay Pearce Capital acknowledges the Traditional Owners of the land where we work and live, the Gadigal of the Eora Nation and pays our respects to Elders past, present and to the children of today who are the Elders of the future. We celebrate the stories, culture and traditions of Aboriginal and Torres Strait Islander Elders of all communities who also work and live on this land.