100% renewable targets will require power storage to manage flows on the net
Electrolysers utilise these intermittent power flows to produce H2 gas from water
H2 gas can be stored in large quantities underground and transported via existing gas pipelines
H2 vehicles recharge faster and are more durable than battery powered transport
Growing H2 demand in industrial processes will reduce costs and increase supply

In March 2018 the European Commission published its action plan: financing sustainable growth , calling in Action 1 for  an EU classification system for sustainable activities, or Taxonomy that led in in May 2018 to a proposal for a regulation on the establishment of a framework to facilitate sustainable investment (taxonomy regulation). A technical expert group on sustainable finance (TEG) was set up  in July 2018 to assist in with the implementation of four key actions of the action plan, including the development of an EU taxonomy and to develop recommendations for technical screening criteria for economic activities that can make a substantial contribution to climate change mitigation or adaptation, while avoiding significant harm to the four other environmental objectives:

  1. sustainable use and protection of water and marine resources;
  2. transition to a circular economy, waste prevention and recycling;
  3. pollution prevention control; and (4) protection of healthy ecosystems.

On 18 June 2019, the TEG published its technical report on EU taxonomy. The report sets out the basis for a future EU taxonomy in legislation. The report contains:

  • technical screening criteria for 67 activities across 8 sectors that can make a substantial contribution to climate change mitigation; includes Hydrogn manufacturing in chapter 21.5 page 205 and retrofit gas networks in chapter 22.12 page 264.
  • a methodology and worked examples for evaluating substantial contribution to climate change adaptation;
  • guidance and case studies for investors preparing to use the taxonomy.

The EU issued a consultation on the taxonomy that runs to September 13, 2019