H2Tech Market Data 2023 - 41

* Initiatives to regulate costs. Significant evidence
indicates that CCfDs and auctions are powerful
tools that can drive down costs for renewable
energy. Germany is using the same approach to
put a double auction and CCfD in place to activate
supply, demand and trade in H2
* Investment in R&D. For example, Japan has
announced that it will invest $3.4 B from its
green innovation fund to accelerate R&D and
promote the use of H2
over the next 10 yr.
.
* Partnerships to collaborate on resources and
technologies. Bilateral partnerships (FIG. 1) are
exclusively government-to-government agreements
that can encompass trade relations around H2
(import/export of H2
fuel and/or technologies), as
well as demonstration projects, R&D cooperation and
Memorandum of Understandings (MoUs).
For example, following India's announcement of
its climate ambitions at COP26, Germany and
India entered a partnership to create a green H2
task force to collaborate on transparent sustainable
development projects.
* Optimal design of business models and market
mechanisms. The European Commission (EC)
has adopted legislative proposals to decarbonize
the EU gas market by facilitating the uptake of
renewable and low-carbon H2
, and to ensure
energy security for all European citizens.
* Adapting to changing global scenarios. In December
2019, the EC presented its Green Deal, offering
to fund climate action measures in the energy,
transportation, trade, industrial and agricultural
sectors to meet the EU's aim of becoming climate
neutral by 2050. However, when COVID-19 hit
the world economy and impacted even the most
established industries and sectors, serious doubts
grew about whether the clean H2
initiatives could
move ahead as planned. The commission maintained
its decision and viewed the deal as Europe's new
path to growth. Similarly, government policies across
the globe buoyed the H2
economy during COVID-19
and even managed to register growth.
Likewise, changes in green energy transition policies are
imperative amidst the current geopolitical crisis in Ukraine.
With rising concerns over energy security and energy
self-reliance in Europe, the EC has announced the REPPowerEU
Plan. The plan is the EU's response to energy market
disruption, while encompassing the urgency to transform
Europe's energy system and end reliance on Russian fossil
fuels. The plan entails measures, such as energy savings,
diversification of energy supplies and accelerated roll-out
of renewable energy, to replace fossil fuels in homes, industry
and power generation by increasing the 2030 target for
renewables from 40% to 45%.
41
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H2Tech Market Data 2023

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