Germany Boosts Support for Global Green Hydrogen by €550 Million
The German government has announced the creation of two funds worth more than half a billion euros to assist the global scale-up of the hydrogen economy. Both funds will be administered by Germany’s economic development bank, the KfW.
The larger of the two, called PtX Grown and encompassing more than EUR 300 million, is being launched by the Ministry for Economic Affairs and Climate Action (BMWK). It is aimed at German and European companies headquartered or present in Germany. The money will be used to close financing gaps along the entire value chain from production and processing to storage and transport infrastructure.
“The focus now is on creating the conditions for the global market that is arising for green hydrogen,” said BMWK Parliamentary State Secretary Stefan Wenzel at the COP 27 Climate Conference in Sharm El Sheikh, Egypt. “We have the unique opportunity, to in close cooperation with the new producing countries in the global south, make this market more solidary and just than previous energy markets.”
The other fund, called PtX Development and encompassing EUR 250 million, is the responsibility of Germany’s Ministry for Economic Cooperation and Development and will support the hydrogen economies in developing and emerging economies.