In the face of the Russian invasion of Ukraine and the subsequent energy crisis, the European Union has doubled down on its commitment to shape a sustainable and resilient energy future. Besides diversification and savings, the rapid development of clean and secure energy will improve our energy independence and mitigate geopolitical risks. In this context, green hydrogen is an innovative solution that will enable us to leverage substantial renewable energy potential and reduce and shift our dependence away from imports of fossil energy sources.

Green hydrogen will also be a crucial element in our efforts to achieve a carbon-neutral future. Already back in July 2020, the European Commission recognised the tremendous potential of hydrogen as a key enabler in our decarbonisation journey with the adoption of the EU Hydrogen Strategy. Since then, we set out a comprehensive regulatory framework to enable a rapid scale-up of green hydrogen into various sectors, such as industry and transport, and position Europe as a global leader in hydrogen technologies. This strategy serves as a guiding light for member states, businesses, and stakeholders in fostering a clean, secure and sustainable hydrogen economy across the EU.

The EU’s REPowerEU plan has increased European ambitions on hydrogen. It accelerates the deployment of hydrogen infrastructure across Europe and aims to establish a robust hydrogen value chain through the Net-Zero Industry Act. Furthermore, the recent reform proposal for the Electricity Market Design will ensure an acceleration of renewables deployment at competitive prices and fostering cross-border collaboration to bring renewables to the end-consumers. In this way, we can reduce carbon emissions, create new jobs, and strengthen our energy security.

Moreover, the establishment of the European Hydrogen Bank marks a significant milestone in our pursuit of the creation of an early market for green hydrogen. It will play a crucial role in supporting the first off-take contracts for green hydrogen, mobilise public and private investments, and facilitate the development of a full supply chain for the production, transport, storage and use of hydrogen.

As we confront the aftermath of the Russian invasion of Ukraine, it is imperative that we seize this moment to transform our energy landscape and enhance our resilience. By sharing knowledge and fostering collaboration, we can accelerate the transition towards a sustainable energy future.