Spain possesses ideal conditions to lead the global green hydrogen sector, Jorge Palomar, global hydrogen development director at Iberdrola, said on Wednesday. However, he highlighted that the industry's progress is hampered by delays in the allocation of subsidies. Alan Ripa, CEO of Accionaplug, echoed Palomar's sentiments, stressing the crucial role of subsidies in advancing the nascent green hydrogen industry. Green hydrogen, pivotal for Europe's decarbonisation efforts, relies heavily on renewable energy but remains economically uncompetitive without financial support. Iberdrola, Europe's largest utility, recently scaled back its green hydrogen ambitions by nearly two-thirds due to funding delays for ongoing projects amid a substantial $45 billion investment drive over three years. "We are delaying, and this is one of the challenges," Palomar stated at the Connecting Green Hydrogen Europe event in Madrid, referring to subsidy delays. Palomar noted that Iberdrola is awaiting funding for an 800 megawatt project in Puertollano and Huelva aimed at reducing carbon emissions in the local fertiliser industry. Attribution: Reuters.
