illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Enthusiasm for c is waning due to its high costs and practical limitations
• The EU and Fortescue have both scaled back their ambitious production targets
• Analysts highlight the substantial energy and storage requirements as key challenges

🔭 The context: The EU aimed to produce and import 20 million tons of green hydrogen by 2030, while Fortescue initially targeted 15 million tons annually
• High energy costs and feasibility issues have led to a more pragmatic approach in the industry

🌍 Why it matters for the planet: Green hydrogen, produced from water using renewable energy, has been touted as a low-carbon alternative to fossil fuels
• Its realistic applications, however, may be limited to specific industries like fertilizer manufacturing and some steelmaking, rather than widespread use

⏭️ What's next: Companies and policymakers are likely to focus on more feasible uses of green hydrogen and alternative technologies like electric batteries and biogas for power, heating, and transportation

💬 One quote: "Using green hydrogen in all steelmaking, aviation, and shipping would require almost five times the solar and wind capacity installed globally in 2022," says Michael Liebreich, co-managing partner at EcoPragma Capital

📈 One stat: Just 1% of around 1600 green hydrogen projects by production volume have advanced beyond the exploratory stage, according to International Energy Agency data

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