Germany – Germany has established two new funding pools with a combined value of 550 million euros with the intention of supporting the expansion of the hydrogen economy on a global scale.
This was said by Minister of Development Assistance Svenja Schulze (SPD) and Parliamentary State Secretary for the Federal Ministry of Economics Stefan Wenzel at the COP27 in Sharm el Sheikh, Egypt (Greens).
One of the two funds, which has a volume of 250 million euros and is intended for hydrogen projects in poor and emerging countries, is managed by the Ministry for Development Aid. The other, at 300 million euros, is under the control of the Ministry of Economic Affairs and intends to promote the use of hydrogen as well as the infrastructure required for it generally.
Hydrogen value chain
Hydrogen is a “essential technology” and a “real ray of hope,” in Schulze’s opinion. It can replace fossil fuels in the industrial sector. The waste product is then water rather than carbon dioxide, which is bad for the environment. Hydrogen has the ability to store energy as well. However, it takes a lot of energy to remove it. When renewable resources like the sun or wind are used, the green hydrogen made in this way has a very favorable climatic balance.
The import of hydrogen through purchasing is now supported by a program in Germany. The new funding, which will speed the establishment of a worldwide hydrogen value chain, will be supervised by the KfW development bank. Both funds will be unveiled before the end of the year.
