Wind and solar power have already become integral to the European energy balance. In Europe, their install capacity will double by 2030. $10.2 trillion will be spent on power generation tech alone (Bloomberg estimate) in the next 22 years.
Power systems changing from supply management to mixed demand and supply management. Hydrogen production is ideal for power demand management. Hydrogen-based technologies are important for green steel production and heavy vehicles.
As part of European Green Deal, key targets were set for 2030:
a) at least 40% cuts in greenhouse gas emissions (from 1990 levels)
b) at least 32% share for renewable energy
c) at least 32.5% improvement in energy efficiency