The role of Green Hydrogen in the European transition towards zero emissions

At a crucial moment for the energy transition in Europe, the Greek House, within the framework of the World Economic Forum held in Davos, Switzerland, with the presence of the international jet set of politics and economy, hosted a very important discussion on Thursday, January 18, 2024, on the topic “The role of Green Hydrogen in the European transition towards zero emissions”

The key speakers were Mr. Georgios Chatzimarkakis, CEO of Hydrogen Europe, Ms. Ann Mettler, Vice President of Breakthrough Energy (an organization founded by Bill Gates), Ms. Irina Gorbounova, Vice President of ArcelorMittal, Mr. Andrea Bombardi, Executive Vice President of Carbon Reduction Excellence at RINA, and Ms. Aikaterini Lianoudaki, CFO of ProEuropean Trading GmbH. In the first section, the discussion underscored the intensification of efforts by Greece and other countries in the field of green energy and sustainable development, sending the message that the country can play a significant role in the European and global effort for the transition to zero emissions.

“Geographically, Greece is at a crossroads, but it can also play a role as a consumer, for example, for covering the energy needs of Crete or the Greek shipping industry. Europe needs hydrogen to reach its climate targets, as it can be used as a storage for green energy,” stressed the CEO of Hydrogen Europe, Georgios Chatzimarkakis. He particularly emphasized the importance of Greece’s role in supplying Europe with hydrogen, both as a producer and as a hub for transporting hydrogen produced in Egypt, Saudi Arabia, Oman, and the Emirates.

Ann Mettler, Vice President of Breakthrough Energy (an organization founded by Bill Gates), highlighted the development difficulties of hydrogen, especially in the EU-27 where there are conflicting interests and priorities among member countries. She pointed out the need to accelerate the processes of market unification and legislative improvement from the European Commission, stating that “achieving the goals will not come from the sky.”

Irina Gorbounova, Vice President of ArcelorMittal, stressed that steel is essential for the energy transition, but greening its production using hydrogen is still more expensive. “We need to close the cost gap, it is difficult to invest when there is no return,” she said, presenting the company’s efforts to produce climate-neutral steel.

Andrea Bombardi, Executive Vice President of the consulting firm RINA, mentioned that only 0.1% of the hydrogen produced today is green and that the infrastructure for production and transportation of hydrogen required to achieve European goals does not currently exist.

Katerina Lianoudaki, an executive at ProEuropean Trading GmbH, developing the H2Crete project for green hydrogen production in Atherinolakkos, Crete, highlighted the island’s strategic position for developing connections with the Middle East and Africa. Referring to investment financing, she noted that while there are several financial tools in the EU, bank financing remains difficult.

The discussion also made an important reference to the H2Crete project of the German Energy Company ProEuropean Trading GmbH based in Munich, which is the largest green energy project to be implemented in Greece, specifically in Crete in the Atherinolakkos area. This project represents a pioneering step in the application of green hydrogen production technologies, while simultaneously contributing to the reduction of CO2 emissions and enhancing the region’s energy autonomy.

It is important to emphasize that ProEuropean Trading GmbH has now established itself as a reliable player in the energy market, offering sustainable energy solutions and promoting innovations in the field of renewable sources. With its H2Crete project, it aims to incorporate advanced green hydrogen production technologies in an area with particular energy needs, such as Crete. Therefore, the German company’s efforts are focused on constructing and operating facilities that will produce green hydrogen through water electrolysis, using renewable energy sources. This innovative method of energy production is expected to contribute to the promotion of sustainability in the region.

The H2Crete project of ProEuropean Trading GmbH not only reflects its commitment to supporting sustainable energy solutions but also demonstrates the role that private enterprise can play in achieving environmental progress goals.

The entire video of the interesting discussion can be watched on the official website of ProEuropean Trading GmbH as well as on YouTube.