United Kingdom – By 2030, EDP expects to invest in projects that will provide an additional 1.5 GW of renewable hydrogen capacity, in line with the company’s new strategic goal announced during COP26.
Aiming to achieve this goal, EDP joins the 28 other large companies that have agreed to the WBCSD (World Business Council for Sustainable Development) H2Zero commitment.
EDP’s current presence in strategic markets and in regions with favorable contexts for the development of hydrogen projects, such as locations with good solar and wind resources, support infrastructure, proximity to industrial customers, and favorable regulatory environment, among other conditions, will be crucial to the company’s ambition. EDP’s Strategic Plan already called for investing in 250 MW of hydrogen electrolyzer capacity by 2025, and the newly announced ambition reinforces those goals.
Coal-free by 2025, all-green by 2030, EDP believes these steps are critical in an energy transition process that urgently requires acceleration.
Consequently, the investment strategy calls for the conversion of old coal-fired power plants into hydrogen centers, in addition to the purchase of new manufacturing facilities. It is EDP’s hope that this additional investment will help the economy decarbonize more quickly, especially in sectors where the process of electrification is more difficult. Unprecedented public-private sector collaboration and the formulation of clear, stable regulatory policies are both required, as the WBCSD emphasizes.
The Hydrogen Council estimates that by the end of the decade, the decarbonization potential of hydrogen will have been met by 25% of the H2Zero commitment signatories. As one of the 28 companies (along with Enel, Engie, Shell, and Total), EDP’s contribution to the decarbonization of the economy is critical.
