EIT InnoEnergy announce green hydrogen initiative

EIT InnoEnergy has launched the EGHAC, an effort to support the development of an annual €100 billion green hydrogen economy by 2025 that could create half a million direct and indirect jobs across the green hydrogen value chain. The initiative is to speed the transition to a clean energy future and is supported by Breakthrough Energy, a network of entities founded by Bill Gates and the world’s top tech and business leaders.

Green hydrogen is a key driver in transforming Europe’s energy sector and a catalyst for decarbonising its sizable industry. As a proven low emissions power source, green hydrogen is well-positioned to become a central piece of the EU’s climate neutral economy – helping the continent secure strategic autonomy by lessening its dependence on over €320 billion of fossil fuel imports each year. To meet this potential, Europe needs to create a world-class investment environment to accelerate innovation and production capacity. EGHAC promises to accelerate green hydrogen production at gigawatt scale to deliver large-scale industrial projects across Europe. EGHAC will strive to be a key actor in Europe’s green hydrogen ecosystem and will work collaboratively alongside existing efforts in this space to achieve Europe’s vision.

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 fertilizers. 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:

1. promotion and co-creation of industrial projects across the value chain
2. building connections with other industrial and energy value chains
3. acceleration of technology development
4. stimulation of market growth
5. societal acceptance
6. addressing the skills gaps

EIT InnoEnergy brings valuable experience from the European Battery Alliance (EBA), which has become a 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 €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.

Read the article online at: https://www.energyglobal.com/other-renewables/05112020/eit-innoenergy-announce-green-hydrogen-initiative/