In this news, we discuss the Green hydrogen, electric trucks ‘ripe for investment’ by EU recovery fund.
LONDON (Reuters) – Green hydrogen, low-carbon aviation fuel and electric trucks are among 55 clean technologies that can help the European Union meet its climate neutrality goal by mid-century, according to a study by Capgemini Invent, a subsidiary of the Capgemini group on Wednesday.
The research, which aims to provide a guide for policymakers and investors, identified technologies and projects in which the EU could invest using money from its budget and stimulus fund to help the economies of the region to recover from the coronavirus crisis.
The research focused on 200 projects and chose 55 technologies as “ripe for investment” that could produce results quickly and at scale through 2030 and 2050.
Together, they could create a market for net-zero goods and services totaling up to 790 billion euros ($ 933 billion) per year and reduce emissions by 871 million tonnes.
The technologies will require around 144 billion euros of public and private investments per year and will support 12.7 million jobs, but for every euro invested in this portfolio, they could generate 9 euros of future turnover in the markets. Europeans by 2050.
Selected projects include: gigafactories of solar modules; large-scale floating offshore wind farm; large-scale green hydrogen production; the development of the network to allow 100% renewable energy; direct carbon capture technology, according to the report.
For the industrial sector, projects include materials to replace concrete; production of green hydrogen in refineries, carbon capture for steelmaking, switch to low carbon fuels for thermal industry processes
For transportation, projects include large-scale production facilities for the production of low-carbon fuel for aviation, ships and green ammonia infrastructure for shipping, electrification of trucks and electric vehicle charging infrastructure.
In July, the European Commission unveiled a € 750 billion fund to help end the pandemic, which added to a long-term budget of more than € 1 trillion. Of the 1.83 trillion combined, 30% is earmarked for climate goals.
Reporting by Nina Chestney. Edited by Jane Merriman
Original © Thomson Reuters Corporation