Mon. Jul 15th, 2024

Austria will allocate 820 million euros for hydrogen production projects

Natasha Kumar By Natasha Kumar Jun30,2024

Austria to provide €820 million for hydrogen projects

Austria's federal government will provide funding of up to €820 million for “green” hydrogen projects as part of the decarbonisation of its energy system.

As reported by Ukrinform's own correspondent in Austria, this is provided for by the Law on Promotion of Hydrogen Energy Development adopted by the parliament.

“In order to promote the production of renewable hydrogen of non-biogenic origin, in accordance with §3, federal funds are allocated in the total amount no more than €820 million,” the document says.

The law aims to subsidize the construction and operation of hydrogen production projects using renewable energy sources, according with the exception of biomass.

Of the total amount, €400 million will be available for distribution at a competitive auction as early as 2024, and the remaining €420 million – until 2026.

As reported by Ukrinform , in 2020 the European Union approved the Hydrogen Strategy for a climate-neutral Europe by 2050, in which, in particular, Ukraine is identified as a priority partner due to its potential for the production of “green” hydrogen and the presence of infrastructure connected to the EU.

“Green” hydrogen is a component of the Green Deal in the transition from traditional energy sources to their complete replacement by renewable sources. This process can take up to 25 years. The necessary capital investments for such a transition are estimated to be at least $100 billion for Ukraine.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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