Description
Today’s hydrogen production is based on unabated fossil fuels (primarily for use in the chemical and refining sectors), resulting in over 900 million tonnes of CO₂ emissions each year, equivalent to the combined energy sector emissions of Indonesia and the United Kingdom. In 2023, less than 1 Mt of hydrogen was produced by low-emission pathways, such as electrolysers using renewable electricity, fossil fuels with carbon capture and storage, or biomass.
Achieving climate goals requires a rapid change in hydrogen production towards low-emissions sources and expanding its use to other priority sectors. To date, investment in green hydrogen projects remains low, largely due to regulatory, technological and financing barriers.
One of the main risks to the bankability of hydrogen projects is the lack of an uptake market for the produced hydrogen. Higher costs of low-emission hydrogen compared to unabated fossil fuels, along with the absence of a necessary legal framework, hinder its adoption. International cooperation is essential to accelerate green hydrogen production and use.
The European Investment Bank (EIB) has been supporting investments that accelerate renewable hydrogen uptake by considering both its origin and the broader perspective across the entire value chain. Scaling up hydrogen infrastructure development and supporting hydrogen investments are also identified as key areas to boost hydrogen uptake in the EU.
In the EU, consumption of conventional hydrogen (produced from unabated fossil fuels) currently totals 9.7 million tonnes per year. Switching to low-carbon or renewable hydrogen would significantly aid in decarbonizing a range of hard-to-abate sectors.
Objectives
- To reinforce the case for green hydrogen
- To showcase recent EIB-financed operations that accelerate green hydrogen uptake
Target participants
COP29 Participants
Resource speakers
Moderator
- Derek Baraldi, Head of Sustainable Finance, World Economic Forum
Speakers
See the agenda below.
Agenda
| Time | Session | Speakers |
|---|---|---|
| 15:30 – 15:55 p.m. | Opening |
Ambroise Fayolle, Vice-President, EIB Tinne van der Straeten, Minister for Energy, Belgium |
| 15:55 – 16:45 p.m. | Experts Panel |
|
| 16:45 – 17:00 p.m. | Closing | Jean Cristophe Laloux, Director General of Operations, EIB |
