Chile and the European Union join forces to foster green hydrogen Industry

In a step forward for the development of the green hydrogen industry, Chile and the European Union (EU) have entered into cooperative agreements.

The pacts were signed during a visit to Chile by a delegation from the European Commission led by its President, Ursula von der Leyen.

Chilean President Gabriel Boric, who met von der Leyen at the Palacio La Moneda for the signing, hailed these agreements as “good news” for both Chile and the globe.

He explained that they signify a leap towards a green energy matrix and will foster the burgeoning Chilean green hydrogen industry, thereby improving Chileans’ quality of life.

The first agreement, dubbed the “Team Europe Project for the Development of Renewable Hydrogen in Chile”, aims to enhance the conditions for promoting a renewable and sustainable hydrogen economy in the country.

This program will receive 4 million euros each from the EU and the German Federal Ministry of Economics and Climate Protection.

The second pact is an intent declaration for the “Team Europe Renewable Hydrogen Fund in Chile”.

This joint venture, between the European Investment Bank and the German Development Bank and overseen by the Delegation of the European Union in Chile, will finance renewable hydrogen production and usage projects.

Von der Leyen emphasized in her address that the renewable hydrogen fund will stimulate job creation in Chile and enhance its export of renewable hydrogen worldwide, particularly to its partners like the EU.

Boric acknowledged the EU as one of Chile’s significant international partners, with shared cultural, political values, and strong trade ties.

As of 2022, the EU is Chile’s fourth largest trading partner, with trade worth 19.99 million dollars and an annual growth rate of 4.5 percent.