Global Gateway Renewable Hydrogen Funding Platform
Technical Assistance
This project aims to promote the renewable hydrogen market in Chile, foster local supply chains and strengthen the potential for renewable hydrogen exports to Europe, while considering the importance of a just energy transition.
The support of the Global Gateway Renewable Hydrogen Funding Platform for Chile is designed to channel private sector funding to allow for the required financing for the first renewable hydrogen projects at industrial scale and favour the necessary cost reduction in the sector. This platform is a joint effort of the European Commission together with KfW and EIB.
Renewable hydrogen has been identified by the European Commission as a key enabler to transition to climate neutrality. Its future demands in the European Union will require the creation of global markets to import large volumes of renewable hydrogen from countries able to meet high economic attractiveness and sustainability targets set by the EU. Therefore, the development of a renewable hydrogen economy is seen as an essential building block to achieve the Chilean and European climate goals.
The action contributes to:
- Driving the decarbonization;
- Supporting the financial/economic viability and sustainability of renewable hydrogen projects;
- Establishing local value chains, promoting local employment and open export options to the EU;
- Providing an important signal for market participants and the formation of labour unions.
The project is expected to deliver the following:
- Between 50,000 and 100,000 Ktons of renewable hydrogen produced per year;
- Development of a sustainable renewable hydrogen market in Chile allowing local use as well as export in the medium-term;
- Contribution to a climate resilient low-carbon economy and society to achieve the Chilean and European climate goals.
