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Europe bets on Chile and confirms to Boric the delivery of funds for green hydrogen development

Boric applauded that Europe “recognizes the leadership” in the matter and supports the country in its plan to become “the most competitive green hydrogen producers on the planet by 2030”.

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Boric applauded that Europe “recognizes the leadership” in the matter and supports the country in its plan to become “the most competitive green hydrogen producers on the planet by 2030”. President Gabriel Boric and the President of the European Commission, Ursula von der Leyen, announced Wednesday the granting of a European fund of nearly 225 million euros (about $243 million) to the country to promote the development of the green hydrogen industry and, at the same time, meet European demand for imports of this renewable energy. “We have taken another step on the important path of cooperation and multilateralism between the European Union (EU) and Chile through the signing of two instruments that promote the green hydrogen industry in our country, whose development will bring a better quality of life to Chileans,” Boric said at a press conference in La Moneda. For his part, Von der Leyen noted that the EU, Chile’s fourth largest trading partner and main investor, has decided by 2030 “not only to produce green hydrogen, but to import 10 million tons per year”. “We need partners and producer friends,” said the European leader, who visited Chile for the first time as part of her Latin American tour. The advantageous geographical position, the climatic conditions and a competitive production of solar and wind energy necessary to obtain the green hydrogen place Chile as one of the leaders in the market of the so-called “fuel of the future”. Most of the resources that Chile will receive will come from the “Team Europe Renewable Hydrogen Fund in Chile,” which combines a 16.5 million euro grant from the Latin American Investment Facility, 100 million euros in loans from the European Investment Bank and another 100 million euros from the German Development Bank (KfW), and will be managed by the Chilean Economic Development Agency (Corfo). “The green hydrogen market is ‘sky rocketing’, it has tremendous potential and Chile is one of the best positioned countries to take the lead,” said Boric, who applauded that its European partners “recognize this leadership” and support the country in its plan to become “the most competitive green hydrogen producers on the planet by 2030”. The remaining eight million will come from a technical assistance program – the “Team Europe Project for the Development of Renewable Hydrogen in Chile” – to promote the economy and technological development of renewable and sustainable hydrogen in Chile, which has a budget of four million euros from the European Union, complemented by another four million euros from the German Federal Ministry of Economics and Climate Protection (BMWK). “This industry will provide a value chain that includes knowledge, worker training, first-class technologies and, in addition, respect and care for nature. It is a meaningful project,” said the President. Both initiatives are part of the Team Europe platform for the Development of Renewable Hydrogen in Chile, which will support the Chilean renewable hydrogen industry to foster cooperation with the country in the development of this economy and contribute to reaching the goal of 100% clean energy by 2050. Chile is one of the largest beneficiaries of European Investment Bank (EIB) financing in Latin America. Since 1994, when the EU began working in the South American country, it has provided more than US$835 million. Source: Biobio Chile

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