The Renewable Hydrogen Coalition is calling upon the 27 European Ministers of Finance to streamline financing to renewable hydrogen and electrolyser manufacturing capacity within Europe.

In a joint letter released today, 14 chief executives from the coalition are also urging European Ministers of Finance to allocate national budgets to the European Hydrogen Bank.

The critical first wave of European renewable hydrogen projects are very close to becoming reality, but many of them will only do so if certain measures are taken, according to the letter. 

Today, only 4% of projects have reached final investment decision, with inflationary pressures and increasing interest rates have cast a shadow over investment cases, among other factors, it added.

The chief executives want the EU to streamline national and EU public funding to accelerate the deployment of renewable hydrogen projects and electrolyser manufacturing capacity in Europe.

They also want it to allocate national budgets to the European Hydrogen Bank to bolster its budget and use its simple “Auction-as-a-Service” to support your national renewable hydrogen projects and allow them to reach the finish line faster.

In addition, the letter calls for the support the deployment of new, additional, funds for the next European budget and European Investment Bank to provide guarantees to unlock and accelerate private investments in Europe.

It also wants the EU to implement the “polluter pays” principle in energy taxation, taxing products according to their greenhouse gas content.

Finally, the coalition calls for the EU to stop fossil fuel-related subsidies, aligning actions with the goals set out in COP28.