UniCredit joins European Clean Hydrogen Alliance
Thursday 22 July 2021
The working group, established by the European Commission, supports clean hydrogen technologies to drive the energy transition. Thanks to this alliance UniCredit can successfully contribute to the deployment of low carbon hydrogen across Europe through close cooperation with industry players and regulators.
UniCredit has joined the European Clean Hydrogen Alliance, established by the European Commission, which brings together key industrial and financial players with the aim of developing and deploying clean hydrogen technologies to support Europe’s energy transition. The Alliance currently counts almost 1,500 members operating in different fields (public and private sectors, research institutions, civil society, NGOs, unions, etc.).
Renewable and low carbon hydrogen is expected to play a key role in helping to accomplish the objectives of the European Green Deal and in facilitating Europe’s clean energy drive. It currently holds only a small share of the global energy market but is emerging as a potential solution in particular for decarbonising the hard-to-abate industrial sectors and to support the EU’s commitment to reach carbon neutrality by 2050.
As a pioneer in sustainable finance, UniCredit has a strong track record of working closely with clients to achieve their ESG targets, guiding capital reallocation to support the transition to a low carbon and more inclusive society. The European Clean Hydrogen Alliance allows UniCredit to successfully contribute to the deployment of renewable and low carbon energy across Europe through close cooperation with industry players and regulators, including a focus on the necessary technological innovations.
A growing number of companies are starting to invest in solutions based on clean hydrogen and incorporating it into their long-term decarbonisation strategies. So far, around 30 countries worldwide have announced ad-hoc strategies for the deployment of clean hydrogen during the second half of the year, with more than 200 projects in the pipeline across the value chain. Furthermore, the European Union is also seeking to increase its share of hydrogen energy.
The European Clean Hydrogen Alliance will play an important role in this context to ensure the active involvement of industry players in supporting the ongoing transformation both, from an ESG and technological innovation perspective.