EU promises investments of €2bn in Brazilian green hydrogen
Cash will go towards renewable H2 projects and energy efficiency, says European Commission president on visit to Brasília
The EU has promised investments of €2bn ($2.16bn) in green hydrogen in Brazil, following a landmark meeting between European Commission (EC) president Ursula von der Leyen and Brazil’s president Luiz Inácio Lula da Silva in Brasília yesterday (Monday).
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The cash will be used to develop Brazil’s green hydrogen production capability, as well as energy efficiency.
“I am very pleased that we are launching today another Global Gateway flagship project,” von der Leyen said after the meeting, the first visit by an EU president to Brazil for ten years. “This is on hydrogen. With this, Europe will invest €2bn to support Brazil's production of green hydrogen and to promote energy efficiency in your industry.”
The funding will be financed from the bloc’s coffers as part of the EC’s Global Gateway strategy, through which the bloc aims to “mobilise” €300bn of strategic investment abroad — a term which is usually taken to mean an attempt by governments to use policy to stimulate private investment.
“Brazil is also a superpower in renewable energy,” von der Leyen said. “You are producing 87% of your electricity from renewable sources. If you take the overall energy, it is 50%. This is truly impressive and we can learn a lot from you.”
In total, the country has around 42 projects in various stages of development.
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