- Investment in the climate-neutral future – securing the business location
Climate-neutral hydrogen will play an important role in the future for Austria’s climate and energy goals as well as for the competitiveness of our industry. To ensure that hydrogen is available to Austria in sufficient quantities and at favorable conditions in the future, precautions must be taken now.
The Climate Protection Ministry and the Ministry of Finance therefore intend to make 400 million euros available to support renewable hydrogen production projects in Austria. A corresponding draft law is being examined today. This also makes an important contribution to achieving the ambitious goals of the Austrian hydrogen strategy.
Climate Protection Minister Leonore Gewessler: “Climate-neutral hydrogen plays an important role in our climate and energy goals. To ensure that Austria remains competitive in those areas that need hydrogen for their processes or that are difficult to electrify – such as energy-intensive industry and shipping and air traffic – it is important to invest with foresight now. I am pleased to secure €400 million for the development of renewable hydrogen production projects.”
Climate-neutral hydrogen is particularly important for future applications for the decarbonization of industry and in the area of mobility that is difficult to electrify, such as shipping or air traffic. The central challenges are still great: The hydrogen economy is confronted with a challenging financing environment, especially due to the still high production costs of renewable hydrogen.
The European Commission has therefore launched competitive auctions under the EU Innovation Fund to support the production of renewable hydrogen within Europe. As part of these auctions, member states have the opportunity to participate with national funds and thus finance additional national projects. The first pilot auction of the EU Innovation Fund took place in 2023, and another auction is planned by the European Commission for 2024. Austrian companies should now also participate in this in order to be able to finance national renewable hydrogen projects.
Through the new Hydrogen Funding Act, the Federal Government will enable Austria to participate in an auction of the EU Innovation Fund in 2024 to promote renewable hydrogen production projects with national funds amounting to 400 million euros.
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