Germany, EU to combine funding schemes to boost green hydrogen

(Reuters) - Germany wants to combine its H2Global funding scheme to support green hydrogen with the new European Hydrogen Bank, the economy ministry said in a statement on Wednesday.

Economy minister Robert Habeck and European Commissioner for Energy Kadri Simson discussed the matter during a meeting in the state of Lower Saxony, where they visited Salzgitter AG’s (SZGG.DE) hydrogen-based steel production project.

In an effort to boost investment in climate protection, the German government launched the H2Global project in 2021 to speed up the global market ramp-up of green hydrogen by using a "double auction". Under the scheme, hydrogen or hydrogen derivatives are bought cheaply on the world market and sold to the EU's highest bidder.

The EU's hydrogen subsidy scheme aims to make clean versions of the fuel more competitive with fossil fuel-based hydrogen.

"Together with the European Hydrogen Bank the H2Global foundation will also work on a joint European auction open to all member states to make a visible contribution to international hydrogen imports," the ministry said in a statement, giving no further details.

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