In accordance with EU State Aid rules, the European Commission has authorised Euro 134 million German initiative to assist BASF SE in producing renewable hydrogen with the objectives of decarbonising its chemical production processes and promoting hydrogen use in the transportation sector.
Additionally, it will lessen reliance on Russian fossil fuels while advancing the goals of the European Green Deal and the EU Hydrogen Strategy. At BASF’s Ludwigshafen facility, the state aid will support the construction of a large-scale electrolyser. This electrolyser will have an annual output capacity of 54 MW and produce around 5,000 tonnes of renewable hydrogen and 40,000 tonnes of oxygen. The project is estimated to save approximately 565,305 tonnes of carbon dioxide throughout the electrolyser’s expected 15-year lifespan.
In September 2022, the Dubai Investment Fund announced plans to invest in five renewable energy projects spread throughout Europe and Australia. The $320 billion corporation would invest in two solar power projects for regional towns in Australia. The solar installations are anticipated to produce about 300 MW of energy in their initial stages. DIF will invest in two energy projects in Europe: a wind farm in Germany and a solar farm in Spain, both of which are anticipated to have capacities greater than 125 MW.