- Posted 09-Nov-2020
Supported by Breakthrough Energy, the European Green Hydrogen Acceleration Centre will advance a sector that is key to meeting Europe’s net-zero greenhouse gas emissions goal by 2050
On 4 November, EIT InnoEnergy, the leading engine for innovation and entrepreneurship in sustainable energy in Europe, launched the European Green Hydrogen Acceleration Centre (EGHAC), an unprecedented effort to support the development of an annual EUR 100 billion green hydrogen economy by 2025 that could create half a million direct and indirect jobs across the green hydrogen value chain.
Among the most urgent near-term priorities is to close the price gap between carbon-emitting technologies and green hydrogen, which would drive substantial displacement of hydrocarbons in energy intensive industrial applications (i.e. steel, cement, chemicals), heavy transport (i.e. maritime and heavy duty) and fertilisers. Green hydrogen can also be used to store energy, which makes it a key enabler for the expansion of volatile renewable sources, in particular wind and solar energy.
The EGHAC will manage several workstreams, including:
- Promotion and co-creation of industrial projects across the value chain
- Building connections with other industrial and energy value chains
- Acceleration of technology development
- Stimulation of market growth
- Societal acceptance
- Addressing the skills gaps
EIT InnoEnergy brings valuable experience from the European Battery Alliance (EBA), which has become a highly successful blueprint for developing specialised industrial value chains in Europe, with formidable economic impact delivered in record speed. The annual market value is estimated at EUR 250 billion from 2025 onwards. For Europe, the establishment of a complete domestic battery value chain is imperative for a clean energy transition and a competitive industry.
The key to EIT InnoEnergy’s success is operating at the centre of the energy transition, bringing innovators, entrepreneurs, investors and other key stakeholders around the table to deliver a very ambitious target.
Source: European Institute of Innovation & Technology News (https://bit.ly/38tQIHp)