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EU Backs $14 Billion Hydrogen Power Project to Help Cut Carbon

  • Fifteen-nation project gets state-aid approval from EU
  • Plans involve around 5 billion euros of public support
Europe's Largest Green Hydrogen Plant
Photographer: Angel Garcia/Bloomberg

The European Union took a step toward accelerating its deployment of hydrogen across the bloc, by approving a 15-nation project to help produce the fuel seen as critical to decarbonizing heavy industry.

The EU’s executive gave the green light under state aid rules to an “Important Project of Common European Interest” that will help unlock around 9 billion euros ($9 billion) in private investments and lead to around forty further projects that will help roll out hydrogen infrastructure, according to a statement.