Financing low-carbon hydrogen: The role of public policies and strategies in the EU, UK and USA

João Moura; Isabel Soares; João Moura; Isabel Soares

doi:10.3934/GF.2023011

Green Finance

2023, Volume 5, Issue 2: 265-297. doi: 10.3934/GF.2023011

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Financing low-carbon hydrogen: The role of public policies and strategies in the EU, UK and USA

João Moura ^{1
,
,},
Isabel Soares ²

1.
Center for Economics and Finance at University of Porto (CEF.UP), Portugal
2.
CEF.UP and School of Economics of the University of Porto (FEP), Porto, Portugal

Received: 21 April 2023 Revised: 12 June 2023 Accepted: 20 June 2023 Published: 28 June 2023
JEL Codes: Q28, Q42, Q48

The goal of this study is twofold: first, to understand the rationales of public policies and possible outcomes on energy systems design behind supporting national hydrogen strategies in three major economic blocs (the EU, UK and USA) and possible outcomes on energy systems design; second, to identify differences in policy approaches to decarbonization through H₂ promotion. Large-scale expansion of low-carbon H₂ demands careful analysis and understanding of how public policies can be fundamental drivers of change. Our methodological approach was essentially economic, using the International Energy Agency (IEA) policy database as a main information source. First, we identified all regional policies and measures that include actions related to H₂, either directly or indirectly. Then, we reclassified policy types, sectors and technologies to conduct a comparative analysis which allowed us to reduce the high degree of economic ambiguity in the database. Finally, we composed a detailed discussion of our findings. While the EU pushed for renewable H₂, the UK immediately targeted low-carbon H₂ solutions, equally considering both blue and green alternatives. The USA pursues a clean H₂ economy based on both nuclear and CCS fossil technology. Although there is a general focus on fiscal and financing policy actions, distinct intensities were identified, and the EU presents a much stricter regulatory framework than the UK and USA. Another major difference between blocs concerns target sectors: While the EU shows a broad policy strategy, the UK is currently prioritizing the transport sector. The USA is focusing on H₂ production and supply as well as the power and heat sectors. In all cases, policy patterns and financing options seem to be in line with national hydrogen strategies, but policies' balances reflect diverse institutional frameworks and economic development models.
- hydrogen,
- public policies,
- energy strategy
Citation: João Moura, Isabel Soares. Financing low-carbon hydrogen: The role of public policies and strategies in the EU, UK and USA[J]. Green Finance, 2023, 5(2): 265-297. doi: 10.3934/GF.2023011

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Abstract

The goal of this study is twofold: first, to understand the rationales of public policies and possible outcomes on energy systems design behind supporting national hydrogen strategies in three major economic blocs (the EU, UK and USA) and possible outcomes on energy systems design; second, to identify differences in policy approaches to decarbonization through H₂ promotion. Large-scale expansion of low-carbon H₂ demands careful analysis and understanding of how public policies can be fundamental drivers of change. Our methodological approach was essentially economic, using the International Energy Agency (IEA) policy database as a main information source. First, we identified all regional policies and measures that include actions related to H₂, either directly or indirectly. Then, we reclassified policy types, sectors and technologies to conduct a comparative analysis which allowed us to reduce the high degree of economic ambiguity in the database. Finally, we composed a detailed discussion of our findings. While the EU pushed for renewable H₂, the UK immediately targeted low-carbon H₂ solutions, equally considering both blue and green alternatives. The USA pursues a clean H₂ economy based on both nuclear and CCS fossil technology. Although there is a general focus on fiscal and financing policy actions, distinct intensities were identified, and the EU presents a much stricter regulatory framework than the UK and USA. Another major difference between blocs concerns target sectors: While the EU shows a broad policy strategy, the UK is currently prioritizing the transport sector. The USA is focusing on H₂ production and supply as well as the power and heat sectors. In all cases, policy patterns and financing options seem to be in line with national hydrogen strategies, but policies' balances reflect diverse institutional frameworks and economic development models.

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