A Memorandum of Understanding (MoU) signed between the Portuguese authorities and the European Investment Bank (EIB) is predicted to assist the nation fast-track the deployment of hydrogen options.

As a part of MoU, EIB has agreed to supply monetary and technical help to assist Portugal to develop a hydrogen economic system.

The EIB will likely be out there to supply monetary help to eligible tasks, technical help and advisory help to foster investments within the hydrogen sector in Portugal and to enhance the bankability of tasks.

The MoU was signed by EIB vice-president, Ricardo Mourinho Félix, and the Portuguese Minister of the Environment and Climate Action, João Pedro Matos Fernandes, through the convention, Hydrogen in Society – Bridging the Gaps, organised by the Portuguese Presidency of the Council of the European Union in Lisbon.

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The settlement is in keeping with Portugal’s efforts to develop its portfolio of renewables and hydrogen options to speed up its power transition.

The deployment of hydrogen options is essential a part of Portugal’s 2030 National Energy and Climate Plan (PNEC 2030) and of the 2050 Carbon Neutral Roadmap for Portugal (RNC2050). 

The settlement can be anticipated to assist Portugal to align itself with the European Union’s hydrogen technique unveiled in 2020, which goals to assist the area set up 40GW of inexperienced hydrogen capability by 2050.

The EIB vice-president stated deploying hydrogen is significant “in selling the inexperienced financial restoration within the context of COVID-19 as we see it as a elementary enabler to make emissions extra environmentally pleasant. As the EU Climate Bank, we will likely be instrumental in mobilising and inspiring personal funding, making Europe greener and extra progressive.”

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João Pedro Matos Fernandes, added: “Achieving carbon neutrality by 2050 and at the least 55% Green House Gases emission reductions by 2030, calls for profound adjustments in our power system and a powerful dedication to an power transition supported within the deployment of renewable power. Renewable hydrogen is predicted to play a key function within the decarbonisation of sectors the place different alternate options won’t be possible or be costlier… Portugal goals to supply aggressive inexperienced hydrogen and is eager to play a related function within the rising hydrogen economic system. This settlement we’ve got signed at this time is a vital piece of this technique and is decisive for reinforcement of this tasks.” 

The publish Portugal and the EIB companion on rollout of hydrogen options appeared first on Power Engineering International.

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