EU set to launch world's first hydrogen bank
EU set to launch world's first hydrogen bank
The European Commission will inaugurate this week its much anticipated Hydrogen Bank in order to support the increase of renewable hydrogen in the EU's energy mix. #EuropeNews
This is the best summary I could come up with:
The idea is to make €800 million available from European funds to help the industry and at the same time, incentivise private investment.
Green hydrogen is expected to play a key role in decarbonising the EU so that it can achieve its emission reduction goals by 2050.
"We would like clearly to demonstrate that we are the global leader if it comes to the use of these new technologies," Commission Executive Vice President, Maroš Šefčovič, said in an interview on Monday.
In 2022, hydrogen accounted for less than 2% of the bloc’s energy consumption and was primarily used to produce chemical products, such as plastics and fertilisers.
During the bloc's Hydrogen Week in Brussels, which started on Monday, the sector will try to join the dots between the European Commission, policymakers, researchers, and industry.
"But to be honest, we also need to import hydrogen and that's why we are super happy to welcome here South Africa, Brazil, Saudi Arabia."
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so... anyone who performs electrolysis/can crack water and capture the hydrogen devalues the bank's issuing currency?
You must have some strong opinions about sperm banks
Think the idea is to build a good supply of hydrogen as a resource, not as a store of wealth or a currency.
Hyperinflation. Just add water!
Uh, this isn't anything like a bank in the traditional sense... They aren't using hydrogen as a currency or anything like that. This article is pretty unclear on what the "hydrogen bank" actually is, but it seems to be about promoting the development of hydrogen based technologies by, for instance, issuing loans for funding hydrogen related research.
So they basically made a giant green box shaped bomb that never moves. As soon as a fire reaches this thing, boom.
It would be hard to come up with a crappier fuel than hydrogen.
E-fuels, coal, gas, oil, wood. There I did it.
Wood is renewable and literally grows without effort. Pretty darn good.
Gas and oil have much, much better energy density (by volume) which is a big deal for transportation uses. Pretty darn good.
Hydrogen is bested by other fuels in every category. It likes to leak directly through container walls, you can't transport it economically, it has low energy density (by volume) even when you put it in a pressure vessel which is basically required to have any energy storage wroth speaking about, and on top of all that it is expensive to produce. Hydrogen sucks as a fuel. It's why it isn't used hardly anywhere despite the technology to use it existing for decades.
It is not meant as a fuel necessarily. The big consumers today are chemical companies, which use it as a base product for a lot of their production. The other big ones is the steel industry. Hydrogen can be used to create iron from iron ore. That is already done on industrial scale. The big problem is that for a lot of it hydrogen is produced using natural gas, which is extremely polluting.
There are some other maybe intressting things, but green hydrogen is very likely to be a key part of the green transition.