CaixaBank, as part of its commitment to accelerate the transition towards a low-carbon economy and achieve zero CO2 emissions by 2050, has joined the European Clean Hydrogen Alliance – a European Commission organisation.
The goal of the Alliance is to promote and develop the production of renewable hydrogen as a catalyst for decarbonising areas such as transport, industry and other economic sectors needed to fulfil the commitments made by the EU.
The European Clean Hydrogen Alliance is part of the European Commission's hydrogen road map, which seeks to mobilise resources to develop an investment agenda to reach agreed climate targets. Among these is the €2.6 billion to be allocated to projects to produce, distribute and utilise renewable hydrogen, which will generate over 5 million jobs and reduce CO2 emissions by 560 tpy. This initiative brings together industry, agencies, national and local government entities, civil society and other stakeholders.
With more than 900 members, the participants are organised into six working groups, where thematic forums are set up to debate the investment agenda, the range of projects and the mobilisation of resources to install at least 6 GW of renewable hydrogen electrolysers in the EU by 2024, and 40 GW by 2030.
The Alliance's strategy has also set a timeline of 2050, by which point it expects to have large-scale renewable hydrogen technologies in place.