Europe will invest EUR 2 billion (USD 2.2bn) to support the production of green hydrogen in Brazil and to promote energy efficiency locally, European Commission (EC) President Ursula von der Leyen said on Monday after a meeting with Brazilian President Luiz Inacio Lula da Silva.
The initiative is part of Global Gateway, the EU’s plan for global investments in green and digital transitions.
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In her statement, the EC president noted that Brazil is a superpower in renewable energy, producing an impressive 87% of its electricity from renewable sources. When considering the overall energy, the share of renewables is 50%.
Through its global investment strategy Global Gateway, Europe is supporting other green hydrogen projects such as its partnership with Namibia and Kazakhstan.
The REPowerEU plan sets targets of 10 million tonnes of domestic renewable hydrogen production and the same volume of imports per year by 2030.
(EUR 1 = USD 1.079)
