(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 3. The EuropeanCommission has doled out nearly 720 million euros to sevenrenewable hydrogen projects across Europe, chosen through theinaugural competitive bidding process of the European HydrogenBank, Trend reports.
These victorious contenders will churn out renewable hydrogenwithin Europe and snag subsidies to narrow the cost gap betweentheir production expenses and the prevailing market price dominatedby non-renewable producers, stated the Commission. They highlightedthat this renewable hydrogen will find utility in various sectorslike steel, chemicals, maritime transport, and fertilizers.
Collectively, the winning projects aim to yield 1.58 milliontons of renewable hydrogen over the span of a decade, averting over10 million tonnes of CO2 emissions, as disclosed by theCommission.
The selected projects will now embark on crafting theirrespective grant agreements with the European Climate,Infrastructure, and Environment Executive Agency (CINEA), with theaim to seal them by November 2024 at the latest.
As per the Commission's directives, the projects must commencerenewable hydrogen production within a maximum of five yearspost-signing of the grant agreement. They'll receive the fixedpremium subsidy awarded for up to a decade for certified andverified renewable hydrogen production.
Funds for this auction stem from the proceeds of the EUEmissions Trading System, with the Commission gearing up to kickoff a second European Hydrogen Bank auction by the close of2024.
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