EU Commission backs global hydrogen market with euro as its key currency

Euractiv | Nov 26, 2020 at 3:29 PM
  • Europe wants to install the euro as the reference currency for trading hydrogen, but a global market with harmonised standards needs to be put in place first in order to meet demand, the EU’s energy commissioner said on Thursday (26 November).
  • In July, the European Commission proposed building 6 GW of renewable hydrogen electrolyser capacity by 2025 and 40 GW by 2030 as part of its hydrogen strategy.
  • Alongside needing collaboration, the EU also faces challenges to remain the world leader, as America develops cheaper alkaline electrolysers and China produces hydrogen at a fraction of the Western cost.