EU’s new hydrogen project to generate $3.5B in private investments
EU competition regulators approved a $1.52 billion joint hydrogen project funded by seven EU countries, which is expected to generate an additional $3.5 billion in private investments.
It also approved an additional $1.1 billion joint healthcare project financed by a group of six countries.
The approved hydrogen project is said to contribute to the EU’s target of reducing emissions from the mobility and transport sectors by 90% by 2050, making the union climate-neutral.
In a statement, the union said, “By fostering the use of hydrogen as a fuel, it will also help achieve the objectives of the European Green Deal, the EU Hydrogen Strategy and the Sustainable and Smart Mobility Strategy.”
Read more: EU approves law to cut CO2 from heavy-duty vehicles
The European Commission said, “Estonia, France, Germany, Italy, Netherlands, Slovakia and Spain will provide up to $1.5 billion in public funding for the hydrogen project.
Executive Vice-President Margrethe Vestager added, “Hydrogen can help us move around and transport goods with zero emissions. However, investing in hydrogen-powered mobility and transport technologies can be risky for one Member State or one company alone. This is where State aid rules for IPCEI have a role to play. The IPCEI Hy2Move approved today is an example of truly ambitious European cooperation for a key common objective.”
The healthcare project, on the other hand, will be funded by Belgium, France, Hungary, Italy, Slovakia and Spain to support research and innovation and is expected to unlock an additional $6.3 billion in private investments.
Vestager said, “Med4Cure will support breakthrough innovations in the health space. It focuses on developing treatments for so-called ‘orphan’ diseases, which affect fewer than 1 in 2,000 people. Such could be rare skin diseases.”
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