Business

Mediterranean hydrogen pipeline project will include Germany

Share

The Franco-German declaration made on Sunday, the 60th anniversary of the Elysee Treaty, states that Germany will join a new project to build a hydrogen pipeline between Spain, Portugal, and France.

By 2030, the H2Med project, which will connect Portugal, Spain, France, and now Germany, will supply approximately 10% of the hydrogen demand for the European Union.

Green hydrogen, produced through electrolysis with renewable energy, will be transported via the pipeline under the Mediterranean Sea.

H2Med is expected to be able to provide approximately two million metric tons of hydrogen annually, according to the Spanish government.

It comes at a time when Europe is rushing to switch from fossil fuels to cleaner energy and reduce its reliance on Russian energy.

Germany and France made a commitment to expanding the production of hydrogen

“Stepping up our investments in the technologies of tomorrow, particularly renewable and low carbon energies,” said German Chancellor Olaf Scholz and French President Emmanuel Macron.

At the end of April 2023, a joint working group comprised of representatives from both nations will issue “recommendations on our strategic choices regarding hydrogen development.”

“We started to talk about a strategy for what we want to do from an energy point of view,” Macron said after hosting Scholz in Paris.

“We want hydrogen to be available in large quantities and at affordable prices as the gas of the future,” Scholz stated.

“This is a technological advance that we can only achieve together. And we have also agreed closely that we want to achieve this together,” Scholz continued.

Germany’s inclusion is welcomed in Spain

The announcement was well-received by Spanish Prime Minister Pedro Sanchez, who tweeted that it “definitely strengthens its pan-European dimension.”

He added a muscle emoji to his message to show his support for European energy sovereignty.

It was anticipated that the pipeline would cost €2.5 billion ($2.6 billion) when Madrid, Paris, and Lisbon agreed in December to construct it. However, the cost increase resulting from Germany’s inclusion was not immediately apparent.

Raeesa Sayyad

Recent Posts

Indian Student Representative Aman Agrawal Shines at World Food Forum

Aman Agrawal showcased his commitment to shaping the future of agriculture and made his presence… Read More

8 mins ago

The All Star Influencers Award (ASIA): Bridging Cultures Through Creativity and Influence

New Delhi [India] November 5: The All Star Influencers Award (ASIA) is a watershed moment… Read More

38 mins ago

Top 15 Daily Marketing Strategies for Retail Stores to Market Your Brand

Retail includes hundreds of product markets and thousands of businesses competing for a transaction. How… Read More

2 hours ago

Tips for Writing Compelling Messages to Drive Action

Creating engaging messages that drive action has never been more important in a society where… Read More

3 hours ago

How Market Research Can Benefit Small Businesses

Market research isn't just for the major players. We have some tips for how small… Read More

5 hours ago

Steps to Establish Your Business Credit for Any New Small Business

Getting business credit is an essential step for any new small business. It allows you… Read More

19 hours ago