EU Commission backs global hydrogen market with euro as its key currency
(EurActiv, 26 Nov 2020) Europe wants to install the euro as the reference currency for trading hydrogen, but a global market with harmonised standards needs to be put in place first in order to meet demand, the EU’s energy commissioner said on Thursday (26 November).
“What we are proposing is a global rules-based market for hydrogen and, at the heart of that market, harmonised safety and environmental standards,” said commissioner Kadri Simson.
“We see great potential for the role of the euro as the reference currency in the international trade of sustainable energy,” she told delegates at the European Hydrogen Forum.
Europe is currently the world leader in developing hydrogen technology, with legislative strategies and funding to support this. Of the 10 hydrogen strategies worldwide, five of them are in Europe.
“What was still a dream a year ago is now becoming a real possibility. Green hydrogen can become a new commodity,” said Valerie Bouillon-Delporte, President of Hydrogen Europe, an industry association.
“Europe will be the birthplace of its credibility as we will be the front-runner in defining the value of clean hydrogen based on carbon content,” she added.