The EU's Green Deal and COVID Recovery Plan

The EU's Green Deal targets a 55% reduction in emissions relative to the 1990 baseline by 2030 and their complete elimination by 2050. The plan is built around an increase of electrolyzer capacity in the EU from its current 60 megawatts to 6 gigawatts by 2024, and to 40 gigawatts by 2030. These electrolyzers alone are expected to cost between 24 and 42 billion euros.