Austria makes €400 million renewable hydrogen investment to reach climate neutral goal
March 5, 2024Austria aims to decarbonize sectors difficult to electrify.
The nation has announced a €400 million ($ 434.3 million) investment in renewable hydrogen production. Austria’s climate ministry (BMK) and finance ministry earmarked the significant green investment to boost the country’s strategic climate and green energy goals as well as to help decarbonize sectors that cannot easily be powered by electric batteries and to boost its industrial competitiveness on a global scale.
Addressing the high costs of green hydrogen production.
The millions in euros would be distributed through an upcoming competitive auction on the European Hydrogen Bank’s (EHB) auction-as-a-service program. Via this auction, member states can reportedly “top-up” their existing EU-level auctions with their own funds for homegrown projects.
The BMK and the finance ministry intend to carry out the auction in spring of this year (2024) when the next €2.2 billion ($2.38 billion) EHB funding rounds is expected to occur.
1 gigawatt of renewable hydrogen production by 2030.
As part of its national hydrogen strategy, Austria’s goal is to have 1 GW (gigawatt) of renewable hydrogen production by the end of the decade. What’s more, the nation seeks to decarbonize as much as 80% of its carbon-intensive H2 use with equally clean sources, also by 2030.
The ambitious goal is to significantly lower the use of carbon-intensive hydrogen in heavy industries, aviation and shipping.
Climate-neutral hydrogen is important to Austria.
Austria’s climate minister Leonore Gewessler explained, “Climate-neutral hydrogen plays an important role in our climate and energy goals.”
“To ensure that Austria remains competitive in those areas that need hydrogen for their processes or that are difficult to electrify — such as energy-intensive industry and shipping and air traffic — it is important to invest with foresight now,” Gewessler added.
A strategic move.
Austria’s ambitious climate goals involving renewable hydrogen production are not only about decarbonization. It is also a strategic move that positions Austria at the forefront of the green hydrogen sector.
It seems likely that the country will become the second EU member state to offer renewable hydrogen production subsidies for domestic project through the bloc’s EHB. Through its investment, the country stands to make a substantial impact, ensuring the most efficient and cost-effective hydrogen projects are made a reality.
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