Hydrogen in the EU's Economic Recovery Plans
Following the Commission's publication on 27.05.2020 of a recovery plan for Europe to counter the crisis caused by COVID-19 and to restart the economy, Hydrogen Europe has prepared an overview of the announced support instruments and has analysed how it will impact the hydrogen and fuel cell industry.
The EU Recovery Plan consists of two instruments which add up to this first response: the Next Generation EU fund and a revised EU budget. Worth a total €750 billion and €1.100 billion respectively, both will compose the next Multiannual Financial Framework (MFF), or EU budget, for the period 2021-2027. This brings the total sum to €1.85 trillion, and €2.4 trillion if adding the short-term ‘safety nets’.
Hydrogen is featured as a key sector that should receive support under the recovery plans especially due to its ability to bolster the longer-term objectives of the European Union, such as the EU Green Deal’s targets, climate-neutrality, and the EU’s strategic autonomy. Hydrogen and the hydrogen sector are explicitly mentioned multiple times across the Commission’s set of Communications. Under the current plans put forward, it is set to feature prominently in several of the various schemes.