- Germany to contribute €550 million for hydrogen development.
- The funds’ reach extends to investments across the whole value chain.
Germany will contribute €550 million to establish two funds that would aid in the global development of large-scale green hydrogen projects with a focus on developing nations.
With a €250 million budget, the so-called Ptx Development Fund will encourage hydrogen investments in underdeveloped nations, assisting those nations in creating their own local added value around green hydrogen.
The €300 million Ptx Growth Fund is intended to hasten the worldwide market ramp-up and infrastructure for green hydrogen. Furthermore, it will assist German or European businesses in making investments that can advance the growth of the global green hydrogen sector.
The Federal Ministry for Economic Affairs and Climate Action (BMWK) and the Federal Ministry of Economic Cooperation and Development (BMZ) will provide the finding.
Svenja Schulze, the German state secretary for the economics ministry, and Stefan Wenzel, the development minister, made the statement during the 27 COP meeting in Sharm El-Sheikh.
The funds’ reach extends to investments across the whole value chain, from creating green hydrogen through processing to storing and transportation infrastructure for both hydrogen and its derivatives. In addition, the byproducts of the projects that receive financial assistance may be exported to other nations, used to make fertilizer, steel and metals without carbon, or used as fuel for aircraft, ships, or heavy-duty vehicles.