The European Commission plans to create a European Hydrogen Bank with a budget of 3 billion euros for investments in the hydrogen market

Created date

14 09 2022

The European Commission plans to create a new "European Hydrogen Bank" to invest 3 billion euros in the creation of the future hydrogen market.

This was announced on September 14, 2022, by the President of the European Commission, Ursula von der Leyen, in her address to the EU countries.

As she explained, the transformation has begun. Hydrogen can be a game changer for Europe.

«We need to move our hydrogen economy from niche to scale. With REPowerEU, we have doubled our 2030 target to produce ten million tons of renewable hydrogen in the EU, each year. To achieve this, we must create a market maker for hydrogen, in order to bridge the investment gap and connect future supply and demand», said Ursula von der Leyen.

«That is why I can today announce that we will create a new European Hydrogen Bank. It will help guarantee the purchase of hydrogen, notably by using resources from the Innovation Fund. It will be able to invest 3 billion euros to help building the future market for hydrogen. This is how we power the economy of the future. This is the European Green Deal», added the President of the European Commission.

Ursula von der Leyen also stated that Europe should completely get rid of dependence on Russian energy sources and presented a number of measures for this.

She also confirmed that Europe's solidarity is with Ukraine: " Today - courage has a name, and that name is Ukraine. Courage has a face, the face of Ukrainian men and women who are standing up to russian aggression".

Ursula von der Leyen's full speech:

It is worth noting that Ukraine considers the hydrogen economy as one of the pillars of reconstruction and recovery. Therefore, it is planned to use those opportunities that have appeared in the process of the global energy transition, in close cooperation with partners in the EU. The ways of building the hydrogen economy are also discussed in detail within the discussions initiated by the State Agency on Energy Efficiency and Energy Saving of Ukraine (SAEE) and the Energy Club:,

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