Subsidies would include tax breaks to businesses investing in Net Zero technologies, faster permit issuances for green projects and loosening of aid rules that would allow EU member states to match the aid offered by a third country for initial investments into sectors relevant to the Net Zero transition.
The subsidies announced by European Commission President Ursula von der Leyen will enhance the competitiveness of Europe’s Net Zero industry and support fast transition to climate neutrality.
Balraj Mann, Chairman and CEO of First Hydrogen, said, “The EU needed to match the subsidies made by the US and China.”
“The proposed Green Deal Industrial Plan will provide more support for manufacturing for Net Zero products, such as our light-commercial vehicles (LCVs) and green hydrogen service through faster access to funding and simpler regulatory frameworks.”
The European Commission recently unveiled its Green Deal Industrial plan, with intentions to offer green hydrogen produces a subsidy programme.
The plan is expected to launch the first series of competitive bids this autumn, amounting to €800m and will offer a ‘fixed premium’ per kg of green hydrogen, subsidising domestic EU production over a 10-year period, from the EU’s €36bn Innovation Fund.
Read more: European Commission plans to subsidise green hydrogen production
First Hydrogen recently expanded its European activities to identify and sign up fleets for future European trials of the company’s LCVs.
Green hydrogen production and sourcing opportunities will also be identified and developed to support the TEN-T core and comprehensive networks for the broad-based use of zero emission LCVs.
The company’s hydrogen-as-a-service model plans to provide zero-emission ecosystem solutions that will benefit from the EU’s move to decarbonise.
Robert Campbell, CEO of First Hydrogen Energy, said, “We anticipate an overall acceleration of decarbonisation initiatives in Europe with this bold plan set forth by the EU.”
Europe will be the focus of H2 View’s Policy Pillar in the March edition.
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