Austria’s federal government has announced a significant investment of up to €820 million to support green hydrogen projects as part of the nation’s broader effort to decarbonize its energy system.
According to a report from Ukrinform’s correspondent in Austria, this funding is outlined in the recently passed Law on Promotion of Hydrogen Energy Development.
“To promote the production of renewable hydrogen of non-biogenic origin, in accordance with §3, federal funds totaling up to €820 million are allocated,” states the document.
The law is designed to subsidize the construction and operation of hydrogen production facilities using renewable energy sources, excluding biomass.
Of the total funding, €400 million will be available through a competitive auction starting in 2024, with the remaining €420 million allocated for distribution until 2026.
As reported by Ukrinform, in 2020, the European Union approved the Hydrogen Strategy for a climate-neutral Europe by 2050. This strategy notably identifies Ukraine as a key partner due to its potential for green hydrogen production and its existing infrastructure connected to the EU.
Green hydrogen is a crucial element of the Green Deal, aimed at transitioning from traditional energy sources to renewable ones, a process that may take up to 25 years. The necessary capital investments for Ukraine’s transition are estimated to be at least $100 billion.