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Portugal and EIB partner to accelerate investments in hydrogen

Portugal and EIB investments in the hydrogen sector

Portugal has signed a Memorandum of Understanding (MoU) with the European Investment Bank (EIB) today (7th March) to accelerate investments in the hydrogen sector, H2 Bulletin reports.

Under the non-binding agreement, the EIB will provide financial support for eligible private projects, technical assistance and consultancy for investment projects in the hydrogen sector. It is expected that the EIB involvement in the projects will also attract other co-financing parties to the projects.

The EIB will also support Portugal goal set out in the National Energy and Climate Plan 2030 and the Roadmap for Carbon Neutrality 2050.

João Pedro Matos Fernandes, the Minister for the Environment and Climate Action said, “Portugal intends to produce green hydrogen at competitive prices and play a major role in the emerging hydrogen economy.”

The minister further added that achieving decarbonisation goals require a profound change in our energy system and a strong commitment to an energy transition supported by the development of renewable energies. Renewable hydrogen would play a crucial role in decarbonising sectors in which other alternatives are inadequate or too expensive for decarbonisation.

Ricardo Mourinho Félix, the Vice-President of the EIB for Portugal operation, said, “Within the European Investment Bank Group, we firmly believe that green hydrogen has the potential to play an important role in achieving the goal of carbon neutrality in the European Union by 2050.”

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