Biden’s hydrogen bombshell leaves Europe in the dust


· 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
Click for more news covering the latest on Environmental Sustainability
illuminem briefings

Hydrogen · Energy
illuminem briefings

Hydrogen · Green Hydrogen
illuminem briefings

Sustainable Finance · Biomass
Hydrogen Council

Hydrogen · Corporate Governance
The Wall Street Journal

Hydrogen · Corporate Governance
Canary Media

Blue Hydrogen · Hydrogen