Based on the hydrogen commitments made in 2020 by EU countries, BloombergNEF wrote “the EU’s and Germany’s plans to push the use of green hydrogen to de-carbonize the economy completely change the outlook for global hydrogen economy.”
Global Head of Industry and Building Decarbonization at research service BloombergNEF (BNEF) stated that the EU’s and Germany’s plans to push the use of green hydrogen to decarbonize the economy are likely to trigger a competitive race with China that will be crucial for a global breakthrough of the technology. Europe’s recent commitments “completely change the outlook” for a sharp reduction in costs that will allow scaling up production and use of renewable hydrogen. In turn, this could allow more countries to commit to a net-zero emissions target in the fight against climate change.
“That really sends a strong signal to everybody else – to China, to Japan, to South Korea, perhaps to parts of the United States – to say: ‘Ok, we can’t be left behind here.’”