Free Trial

German government to agree national hydrogen strategy

BERLIN (AP) — The German government is poised to agree Wednesday on a long-term strategy for increasing production and use of hydrogen as part of a plan to cut the country’s greenhouse gas emissions.

While hydrogen is currently produced almost exclusively from fossil fuels, the government plans to encourage its production from excess electricity generated by renewable energy sources.

Experts say this so-called green hydrogen could help smooth out the problem of solar and wind power's fluctuating supply, and replace fossil fuels in industrial processes that require high temperatures such as steel making.

The government plans to invest 9 billion euros ($10.2 billion) to promote hydrogen production and use, including 2 billion euros that will go toward projects in developing countries.

Germany's transport minister, Andreas Scheuer, told the Funke Media group that the widespread use of technology such as hydrogen-powered engines in buses and trucks is necessary if the country wants to meet its emissions reduction targets in the transportation sector.

Chancellor Angela Merkel has backed a national goal of ending greenhouse gas emissions in Europe by 2050 to meet the goal of keeping global warming well below 2 degrees Celsius (3.6 Fahrenheit) by the end of the century.

Scheuer said Germany will have about 100 hydrogen fueling stations by the end of 2020 and add a further 10-15 each year, giving it the biggest such network in Europe.

Japan, which like Germany has no major fossil fuel resources of its own, has invested heavily in hydrogen technology. China and South Korea likewise have national hydrogen strategies, as do Australia, Norway and the Netherlands.

Should You Invest $1,000 in RLI Right Now?

Before you consider RLI, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and RLI wasn't on the list.

While RLI currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

(Almost)  Everything You Need To Know About The EV Market Cover

Looking to profit from the electric vehicle mega-trend? Enter your email address and we'll send you our list of which EV stocks show the most long-term potential.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

3 Hot Growth Stocks to Watch Right Now!
Don’t Miss These Top 3 Defense Stocks Set To Gain
Triple-Digit Gains: These 4 Nuclear Stocks Have Even More Upside Ahead

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines