News Release

Surfing Europe’s green wave

Before hydrogen can take off, a look at production dynamics/demand drivers, and an evaluation of transmission networks and import strategies

byEnverus

CALGARY, Alberta (June 12, 2024) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS and generative AI company, has released new research that evaluates Europe’s clean hydrogen landscape, analyzing how policies and incentives drive adoption and comparing industry activity to European Union (EU) targets. Key challenges noted in EIR’s report include achieving 2030 targets, scaling up production, accelerating infrastructure development and securing firm investments to cement Europe’s leadership in clean hydrogen.

“The EU is unlikely to meet its 2030 clean hydrogen transportation and import targets without a concerted effort to begin construction on new pipeline and port infrastructure. Without it, clean molecules from export markets like North America could be left stranded,” said Alex Nevokshonoff, analyst at EIR. “Europe must address three key elements to successfully implement clean hydrogen into its energy landscape,” added Donald Campbell, Global Scout – Global Manager for Energy Transition at Enverus and contributor to the report.

“First, there must be a greater focus on the development of the EU’s hydrogen transmission infrastructure to ensure efficient distribution and integration. Second, increasing the number of hydrogen projects reaching FID is essential to move the industry from ideation to implementation. Lastly, enhancing incentive values and simplifying funding eligibility can help lower green hydrogen production costs. Without sufficient funding mechanisms, green hydrogen cannot economically compete with conventional fuels,” Campbell said.

Key takeaways from the report:

  • Europe’s hydrogen transmission and port infrastructure targets are unlikely to be met. Only 12 km of its hydrogen transmission network has been commissioned to date, compared to its 2030 target of 28,000 km.
  • Although green H2 production is on the rise throughout Europe, current efforts are not enough to meet the RePowerEU 2030 target of 10 mtpa, with most projects currently sitting in the non-binding/pre-FID stage. A “less talk, more action” approach is needed to transform the projects from ideation to implementation.
  • Europe leads the U.S. in green hydrogen projects while the U.S. focuses on blue hydrogen, supported by the 45Q tax credit. Europe’s green focus is driven by aggressive renewable energy/emissions targets, uninhibited by oil and gas prices.
  • Green hydrogen production costs remain high and uncompetitive with conventional fuels without substantial financial support mechanisms. Strategic subsidies can help bridge this cost gap.
enverus-graph-showing-renewable-energy-capacity-vs-renewable-targets

EIR’s analysis pulls from a variety of Enverus products including Enverus Intelligence® Research.

You must be an Enverus Intelligence® subscriber to access this report.

About Enverus Intelligence Research
Enverus Intelligence® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections between energy industry participants, service companies and capital providers worldwide. EIR is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser. Enverus is the most trusted energy-dedicated SaaS company, with a platform built to create value from generative AI, offering anytime, anywhere access to analytics and insights for more than 95% of U.S. energy producers and more than 40,000 suppliers. Learn more at Enverus.com.

Media Contact: Jon Haubert | 303.396.5996

View all press releases at Enverus.com/newsroom.

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