According to a new report by UnivDatos Market Insights, the Europe Green Hydrogen Market is expected to reach USD 14,374.68 Billion in 2032 by growing at a CAGR of 67.1%. Renewable hydrogen is a crucial part of the EU's plans to achieve climate neutrality and reduce emissions in industries that produce high amounts of greenhouse gases. These plans are outlined in the 'Fit for 55' package and the Commission's REPowerEU communication. The goal of REPowerEU is to produce 10 million tonnes of renewable hydrogen domestically and import the same amount annually by 2030.

Additionally, the EU aims to double the number of hydrogen valleys within the EU. The EU's hydrogen strategy, the Green Deal industrial plan, and the hydrogen strategies of member states emphasize the important role renewable hydrogen plays in reducing GHG emissions and the EU's ambition to lead commercially in this sector. The European Clean Hydrogen Alliance and the Clean Hydrogen Joint Undertaking are initiatives the EU supports.

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Common Initiatives with EU Countries and Institutions

The aim is to evaluate how the host countries compare in terms of the likelihood of their green hydrogen developers striking supply agreements with EU buyers. The deeper and more numerous the commitments between the host country and EU countries, the higher it ranks on this indicator as this translates into a higher potential to supply the EU and to increase this supply in the future.

Morocco: The North African kingdom is currently collaborating, either bilaterally or through other channels, with EU Member States including Germany, The Netherlands, Portugal, and Spain on green hydrogen development, trade, transportation, and usage. In addition, the North African country is collaborating with the EU as a whole to ensure that there is alignment between its green hydrogen ambitions and those of the EU, including on the Africa Green Hydrogen Alliance and green partnership.

Chile: Chile is currently collaborating, either bilaterally or through other channels, with EU Member States including Germany, Belgium, The Netherlands, Spain, and France on green hydrogen development, trade, transportation, and usage.

Australia: Australia’s supplies of green hydrogen to German companies, totalling 5.1 MT/year, are targeted to commence by 2030 according to MoUs currently in place. Moreover, the governments of the two countries have committed $90 million to support joint research on all aspects of the green hydrogen value chain.

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Conclusion:

In conclusion, the future of green hydrogen augurs favorable circumstances with the potential to play a crucial role in achieving climate goals and sustainable development globally. Further, continuous investments, innovations, and collaborations by governments across the globe are also unlocking the full potential of green hydrogen and accelerating its widespread adoption.