Spain invests 1.5 billion euros in “ green hydrogen ”
Spain will spend 1.5 billion euros ($ 1.8 billion) from an EU stimulus fund to expand green hydrogen production over the next three years, Premier said on Monday. Minister Pedro Sanchez. The aim is for Spain to become the leading producer of hydrogen in Europe by using renewable sources instead of fossil fuels to reduce greenhouse gas emissions and create jobs, he said. “The Spanish government is firmly committed to green hydrogen,” the socialist prime minister said at a ceremony in Toledo, just south of Madrid. His government expects this spending will stimulate 8.9 billion euros of investment mainly from the private sector to develop the technology by 2030. Madrid has already received more than 500 proposals for “green hydrogen” projects from the share of energy companies, according to a government statement. The creation of “green” or emission-free hydrogen is seen as a key step towards the development of sustainable energy sources and the reduction of carbon emissions. One of the reasons for the strong interest in hydrogen technology is that when it is used to power engines, the only emission is water vapor. But its production is expensive and the electricity required generates a lot of emissions of carbon dioxide and other pollutants.
Green hydrogen is produced by electrolysis – an electric current flowing through water – with wind, solar or hydroelectric power providing the electricity. Europe in particular is eager to harness the ever-expensive new fuel, having missed the boat on solar and battery technology, which is dominated by China. Experts predict that green hydrogen using renewable energy will soon drop and become cheaper than natural gas in many areas. US engine maker Cummins said on Monday it would spend € 50 million to build one of the world’s largest electrolyzer plants for green hydrogen production in Spain. The plant, which will be built in the central region of Castilla-La Mancha, is expected to open in 2023. “Spain offers a strong and dynamic local environment for hydrogen production, and we are delighted to invest” said Tom Linebarger, president of Cummins. . Spain is set to receive € 140 billion – half in direct payments, half in loans – from the € 750 billion stimulus package adopted by EU leaders last year as the economy tumbles under virus lock restrictions.
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