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24 Nov 2023

EU Unveils World's First Hydrogen Bank to Cultivate Renewable Fuel Transition

The European Commission will launch its much-anticipated [Hydrogen Bank](https://energy.ec.europa.eu/topics/energy-systems-integration/hydrogen_en) to support the increase of renewable hydrogen use in the EU's energy mix. The initiative aims to provide €800 million from European funds to encourage industry development and spur private investment, aiming to produce 10 million tonnes and import another 10 million by 2030. Green hydrogen is expected to play a crucial part in enabling the EU to meet its emissions reductions goals by 2050. [Source](https://www.euronews.com/my-europe/2023/11/20/eu-set-to-launch-worlds-first-hydrogen-bank?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1700503948)