· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece from Politico here or enjoy below!
🗞️ Driving the news: European hydrogen production is losing momentum as the US siphons off investments and jobs thanks to the clean energy subsidies provided by President Joe Biden’s climate agenda
• Notably, Norwegian firm Nel has committed to a $500 million factory in Michigan, generating 500 jobs, following the US climate legislation Inflation Reduction Act
🔭 The context: Europe's lead in clean tech investments is now wavering due to America's aggressive incentives in the hydrogen industry
• The shift could redefine the balance of green energy investments globally
🌎 Why does it matter for the planet: The transition to hydrogen is crucial for combating climate change and promoting sustainable energy solutions
• The US luring away investments and jobs from Europe, which is objectively ahead in the industry, highlights the vulnerability of the continent’s green tech sector
⏭️ What’s next: To compete, Europe must reassess and bolster its incentives to retain hydrogen sector companies
• The EU, not conceding, has allocated €800 million for a pilot auction under its Hydrogen Bank scheme to help subsidize the cost of producing the gas, while a range of other incentives exists to kickstart the industry and more are still being planned
💬 One quote: "In their typical bureaucratic way, the Europeans will kill this business," (Jorgo Chatzimarkakis, CEO of Hydrogen Europe)
📈 One stat: The hydrogen industry had a global worth exceeding $155 billion last year. The EU aimed to produce and import 20 million tons of renewable hydrogen annually by 2030
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