It’s become all too clear how Russia’s invasion of Ukraine caused natural gas prices to jump, leaving millions of Europeans struggling with sky-high energy bills and further pressuring governments to help out and support alternative sources of power.
Nine months into the war, there is a silver lining to the crisis when it comes to the continent’s energy future.
The spike in gas prices has caused green hydrogen – made exclusively with renewable power – to suddenly appear much more affordable than it previously was, driving investment and interest in a sector that could help the bloc slash its carbon emissions.
Analysts and industry players say it’s welcome news, but we shouldn’t rejoice too much, either, as this shift largely means all types of energy are costly these days, and there’s still a lot Europe needs to do to build a competitive green hydrogen economy.
“We still have to do our homework to get the manufacturing scaled up and then improve the technology to make it more cost-competitive,” Stefano Innocenzi, head of the New Energy Business at Siemens Energy, told Euronews Next.Click here to read more
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