- Plans to support international partnerships on green hydrogen with EUR 3.6 billion.
Germany plans to support international partnerships on green hydrogen with EUR 3.6 billion. This is predicated on the country’s need to import large volumes of hydrogen to decarbonise its industry and accelerate its energy transition.
The spending plan was unveiled in the draft budget for 2023 that was approved by the Federal Cabinet last week. The investments are planned to be made as part of the H2-Global Initiative of the German government in support of hydrogen partnerships.
Germany has already identified several partnerships to ensure its hydrogen imports with green hydrogen cooperation agreements already concluded with Norway, Australia and the United Arab Emirates. Furthermore, the draft budget for the coming year with a planned expenditure of EUR 445 billion gives climate protection, energy transition and economic transformation in the context of climate goals top priority.
Aside from green hydrogen, Berlin is investing in floating storage and regasification units (FSRU) to import liquified natural gas (LNG). According to the draft budget, this is expected to cost about EUR 274 million in 2023.