Portugal joins the hydrogen wave

Thanks to grand-scale support on part of the European Investment Bank

On Wednesday, 7 March, the Portuguese Government and the European Investment Bank (EIB) signed a Memorandum of Understanding in Lisbon expressing a common wish to develop the hydrogen sector in the Iberian country. The European Union is heavily promoting this path as reliable means to achieving carbon neutrality on the continent by 2050.

The Iberian country is currently chairing the EU rotational presidency and this act shows the commitment of its administration to move forward with the implementation of bold solutions and new technologies in the fight against climate change.

The EIB will provide not just money but also know-how and advisory support

The memorandum, which was signed at the High-Level Conference ‘Hydrogen in Society – Bridging the Gaps’, is reportedly non-binding but is nevertheless a sign of goodwill that is seen as the first step to a stronger collaboration between the two entities in the future.

“Achieving carbon neutrality by 2050 and at least 55% Green House Gases emission reductions by 2030, demand profound changes in our energy system and a strong commitment to an energy transition supported in the deployment of renewable energy. Renewable hydrogen is expected to play a key role in the decarbonisation of sectors where other alternatives might not be feasible or be more expensive, being decisive for the decarbonisation of Europe,” said João Pedro Matos Fernandes, Minister of the Environment and Climate Action.

He added: “Portugal aims to produce competitive green hydrogen and is keen to play a relevant role in the emerging hydrogen economy. This agreement we have signed today is an important piece of this strategy and is decisive for reinforcement of this projects”.

The country has already shown its commitment to the environmental and economic goals of the Union, having adopted two key plans, namely the 2030 National Energy and Climate Plan (PNEC2030) and the 2050 Carbon Neutrality Roadmap (RNC2050).

Apart from funding opportunities, the EIB has promised to aid the Portuguese economy and entrepreneurs with the provision of an Advisory Hub, which will have the task of speeding up investments in the sector and improving the bankability of projects.