November 16 (Renewables Now) - Germany will provide EUR 550 million (USD 572.2m) to set up two funds that will support the development of large-scale green hydrogen projects globally with a focus on developing countries.
The so-called Ptx Development Fund with a EUR-250-million budget will promote hydrogen investments in developing countries, helping those countries to build their own local added value around green hydrogen.
The Ptx Growth Fund with EUR 300 million in financing is meant to speed up the global market ramp-up and infrastructure for green hydrogen. It will support German or European companies to make investments that can contribute to the development of the global market of green hydrogen.
The finding will be provided by the Federal Ministry for Economic Affairs and Climate Action (BMWK) and the Federal Ministry of Economic Cooperation and Development (BMZ).
The announcement was made by Germany's development minister Svenja Schulze and the parliamentary state secretary in the economy ministry, Stefan Wenzel, at the 27 COP summit in Sharm El-Sheikh on Tuesday.
The two funds will be set up this year to enable investments in green hydrogen and support the ramp-up of the global hydrogen value chain.
The scope of the funds includes investments along the entire value chain -- from the production of green hydrogen, through processing, to storage and the transport infrastructure for hydrogen and hydrogen derivatives. The secondary products from the subsidised projects can be exported to partner countries or used for the production of fertilizers, carbon-free steel and metals or as fuel in the aviation, shipping or heavy goods transport.
(EUR 1 = USD 1.040)