incollaborationwithAccentureVersion:July2023WorldEconomicForumincollaborationwithAccentureEnablingMeasuresRoadmapforRenewableHydrogenEuropeVersion:July20231IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureExecutiveSummary(1/2)2TheEuropeanUnionhaspledgedtoreduceGHGemissionsby55%by2030(comparedto1990levels)andtoachievecarbonneutralityby2050.Asoneofthetopfiveconsumersofenergyglobally,andtheworld’sthirdlargesteconomy,Europe’stransitiontoNetZerowillbesignificantforglobaleffortstoachievetheParisAgreementtargets.RenewablehydrogenhasbeenidentifiedinREPowerEUasoneofthemainleverstohelpdecarbonizetheEUinacost-effectivewayandtoreducedependenceonimportedfossilfuels.ThisreportbytheWorldEconomicForum,incollaborationwithAccenture,isanupdatedversionoftheEnablingMeasuresRoadmapforGreenHydrogenreleasedafterCOP26(January2022).ThepurposeoftheinitialRoadmapwastoidentifykeyenablerstoachieveascaledandtradedrenewablehydrogenmarket.ThegoalofthisupdatedRoadmapistwo-fold:1.Toidentifypolicydevelopments,fundingandinitiativesrelatedtorenewablehydrogeninEurope.2.Totakestockofthecurrentprogressmadetowardspreviouslydefinedobjectivesandassociatedtimeline.First,anoverviewandtimelineofthekeyEuropeanstrategiesandlegislations,financialinstrumentsandinstitutionsrelatedtorenewablehydrogenarepresented;highlightingmultipleupdatessincethereleaseoftheinitialRoadmapinJanuary2022andamultifacetedEUfundingandinstitutionslandscape.Togetherthepresentedpolicymeasuresandfundinginstrumentswillcontributetoprovidingthemuch-neededattractivepolicyframeworkandinvestmentclimateforrealizingthevaluepotentialofrenewablehydrogen.Moredetailsonthesepolicyupdatesarepresentedinthesection“ReferenceLibrary:KeyEuropePolicyUpdate’’:1.REPowerEU:setsthetargettoproduce10Mtofdomesticrenewablehydrogen,aswellastogainanother10Mtofimportedrenewablehydrogenby2030.2.GreenIndustrialPlanforNet-ZeroAge:enablesEuropetoleadthewaygloballyintheNetZeroindustrialage.3.EU-ETSRevision:setsmoreambitioustargetsfor2030bydecreasingfreeallowancesandincludingnewsectorssuchasmaritimeandtransportsector.4.CBAM:preventscarbonleakageassociatedwiththeEU-ETScarbonmarketextensiontootherheavyindustries.ApilotphasewilllaunchinAutumn2023.5.CommonMarketRulesforFutureGas(proposed)andHydrogenMarket:createsconditionstotransi-tiontheEuropeangasmarketwhileprotectingconsumersandpromotingcompetitivenesstoadvancetowardsNetZero.6.REDIIRevision:raisesthetargetsforrenewableenergyanduseofrenewablefuelsofnon-biologicalorigin(RFNBO)acrossthetransportandindustrysectors.7.TwoDelegatedActforRenewableFuelsofNon-BiologicalOrigin(RFNBO):definethemethodologyunderwhichconditionshydrogenfuelsandotherenergycarrierscanbeconsideredtobe“renewable”andclarifiedtheGHGcalculationmethodologyforRFNBOs.8.Net-ZeroIndustryAct(proposed):ensuresacompetitiveNetZerotechnologymanufacturingecosysteminEurope.9.CriticalRawMaterialsAct(proposed):ensuresasecureandresilientsupplychainforcriticalrawmaterialsrequiredinthemanufacturingofNetZerotechnologies.10.EuropeanHydrogenBank(proposed):streamlinesandacceleratesinvestmentsforhydrogenprojects.Inordertorealizethemaximumvaluepotentialofrenewablehydrogen,notably,thepresentedpoliciesarecognizantinaddressingtherolerenewablehydrogencanplaywithinthewiderenergysystem,leveragingitskeytraitscomparedtoothermainenergycarriers.ThisversionoftheRoadmapusestheterm“renewable”hydrogen–ascomparedtothepreviousversion’sterm‘green’hydrogen–astheEuropeanCommissionrecentlydefinedthepriorityofEuropeasbeingrenewablehydrogenwithREPowerEU.IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureExecutiveSummary(2/2)3Next,the2030objectivesandenablingmeasuresidentifiedinthe2022Roadmapareassessedagainstcurrentdevelopmentsasfollowing:•Cost:Theenergycrisishasledtotheaccelerateddefinitionofaregulatoryframeworkfortheenergytransition,includingmeasurestodecreasethecostgapbetweenrenewablehydrogenandfossilfuels.•Standards&Certification:WiththeDelegatedAct,criteriaforRFNBOshavebeenadoptedandtheEuropeanHydrogenAlliancehaslaunchedaroadmaponhydrogenstandardisation.•Demand:TheEuropeanCommissioniscurrentlysupportingmajorrenewableprojects–2IPCEIs–andsettingtargetstoproduce(10Mt)andimport(10Mt)renewablehydrogenwithREPowerEU.Toensureoff-takefortheproductionandimporttargets,anindispensablesteppingstonewillbegreeningtheexistinghydrogendemandwithinindustrialclusters.•Infrastructure:TheEuropeanCommissionhasidentified3potential‘HydrogenSupplyCorridors’whichcanconnectlocalandexternalsupplyanddemand,andserveasfocalpointsforhydrogendevelopment.•PaceofDevelopment:TheEuropeanCommissionaimstoaccelerateelectrolysermanufacturingandfacilitateeconomiesofscaleviaitsElectrolyserPartnershipplatformandtheNetZeroIndustryAct.•Technology:Europefiled28%ofallinternationalhydrogenpatentfamiliesin2011-2020,andinordertocontinuethattrendtheEuropeanCommissionhasincreasedhydrogenR&DfundingviaREPowerEU.3.Setclearcarbonintensitydefinitions,thresholds,boundariesforhydrogenproduction:bothdiscretionaryguidelinesandrecentlyproposedlegislationfromtheEUandprivatesectoractors(e.g.theDelegatedActsonRFNBOsandforaminimumthresholdforGHGsavingsofrecycledcarbonfuels,aswellastheEuropeanCleanHydrogenAlliance’sroadmapforstandardization)contributetowardstheachievementofthisenablingmeasure.Finally,toacceleraterenewablehydrogenmarketdevelopmentinEurope,itwillbeimportanttocontinuethecurrentpathbyfollowingtheseguidingprinciples:•Ensuringlegislationisfuture-proofandflexiblebyregularlyreviewingandrevisinglawstoaccountfortechnologicalandmarketchanges.•Developingglobalstandardstomaintainalevelplayingfieldforbusinessesindifferentcountries,andtofacilitateinternationaltrade.•Providinginvestorswithlegalcertaintybyestablishingclearandconsistentguidelines.•Promotingdevelopmentofpracticaltoolswhichempowerindustryplayerstonavigatethediversefundingandregulatoryenvironment.•Exploringuseofregulatory‘’sandboxes’’toallowforinnovativesolutionstobetestedinacontrolledenvironmentpriortomarketdeployment.•Fosteringcollaborationandknowledge-sharingbetweenstakeholderstoidentifyandremoveregulatoryandnon-regulatorybarrierswhichhinderinnovationandgrowth.•AvailableCleanElectricity:Moreambitiousrenewableenergytargetshavebeensetwhichindirectlybenefithydrogendevelopment,andclarityhasbeenprovidedonadditionalityrulesforRFNBOs.Uponreviewingthevariousenablingmeasuresinplace,itisevidentthatEuropehasmadesubstantialprogresstowardsmeetingits2030objectivestoestablishascaledrenewablehydrogenmarket.Toensurethattheseeffortstranslateintoachievingthe2030objectives,itiscrucialtotransformthepipelineofannouncedrenewablehydrogenprojectsintocommittedFinalInvestmentDecisions(FIDs).Anumberofenablingmeasurescanbefurtheractionedandacceleratedtosupportthescale-upofthehydrogenmarketinEurope,including:1.Createone-stop-shopforhydrogenfinance:thecollaborationfacilitatedbytheEuropeanCleanHydrogenAllianceanditspartnershipwiththeEuropeanInvestmentBank,IPCEIs,theupcominglaunchoftheEuropeanHydrogenBankanddevelopmentoftheEuropeanHydrogenFundingCompassalldriveprogresstowardstherealisationofthisenablingmeasure.2.ProvideFiscalIncentivesforGreenProducts:Taxdifferentiations(EU-ETS)andtaxreliefs(EnergyTaxationDirective)havebeenintroducedandwillbestrengthenedtodrivedemandforgreenproducts(e.g.freeallowancesphaseoutinEU-ETSandpilotphaseofCBAMforimport).IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureTableofContentsincollaborationwithAccentureKeyPolicyandFundingUpdatesRoadmapProgressUpdateAcceleratingCleanHydrogenInitiative123ReferenceLibrary:KeyPolicyandFundingUpdates4IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureTableofContents@William:ToaddrightlinkMakeamorebeautifulslide:Toaddapictureasbackground?SeebelowexampleperhapsincollaborationwithAccentureKeyPolicyandFundingUpdatesRoadmapProgressUpdateAcceleratingCleanHydrogenInitiative123ReferenceLibrary:KeyPolicyandFundingUpdates4IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureSince2020,theWorldEconomicForuminCollaborationwithAccentureisDrivingtheAccelerationofCleanHydrogen61:EnablingMeasuresRoadmap•TheRoadmapidentifiesmeasuresrequiredtoboostthecleanhydrogeneconomyandenhancepublic-privatedialogue.•TheRoadmapfocusesonthe7barrierstomarketdevelopmentandenablingmeasurestoovercomethem.•TheinitialRoadmapswerelaunchedatCOP26toscalethecleanhydrogenmarketinEuropeandJapan;furtherregionsareincludedin2023.•ThisreportistheupdatedversionoftheinitialEnablingMeasuresRoadmapforGreenHydrogen.Focusofreport2:CleanHydrogenProjectAccelerator•TheAcceleratoracceleratesimplementationoftheRoadmapsbycoalescingstakeholdersacrosspolicy,financeandindustry.•TheAcceleratorexploresprojectfinancingandcleanhydrogenofftakeaskeychallengestoprojectsapproachingfinalinvestmentdecisions.•Initiallyworkedwith2Europeanand2Japaneseprojectsacrossthevaluechain,lookingtofurtherexpandthatapproachin2023.Theterm“green”hydrogenhasbeenreplacedbytheterm“renewable”hydrogenastheEuropeanCommissionrecentlydefinedthepriorityofEuropeasbeingrenewablehydrogen.IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureObjectivesofUpdatingtheEnablingMeasuresRoadmap7TheRoadmapisatoolboxforpolicymakers,identifyingthetoptenenablingmeasuresandcriticaltimelinesrequiredtoachievearenewablehydrogenmarketatscale.TheobjectiveofthisupdatedRoadmapistwo-fold:1.EUHydrogenPolicyandFundingLandscape2.EURoadmapProgressUpdateToidentifypolicydevelopments,fundingandinitiativesrelatedtorenewablehydrogeninEurope.Clickonthe“plus”signtogostraighttothesesections.Totakestockofthecurrentprogressmadetowardspreviouslydefinedobjectivesandassociatedtimeline.IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureTableofContents@William:ToaddrightlinkMakeamorebeautifulslide:Toaddapictureasbackground?SeebelowexampleperhapsincollaborationwithAccentureAcceleratingCleanHydrogenInitiativeRoadmapProgressUpdateKeyPolicyandFundingUpdates123ReferenceLibrary:KeyPolicyandFundingUpdates4IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureUnlockingtheHydrogenPotential:NavigatingPolicyFrameworksandFinancialMechanisms9TheEU’skeyrenewablehydrogentargetsfor2030includea10Mtproductiontargetanda10Mtimporttarget,effectivelyresultingina20Mtoff-takeofrenewablehydrogenby20301.Currently,plannedrenewablehydrogenproductionprojectsarealreadyapproachingthe10Mtproductiontargetby20302.However,only5%ofplannedprojectshavereachedFinalInvestmentDecision(FID)2.ToovercomethehurdleofattainingFID,boththepresenceofanattractivepolicyframeworkaswellastheavailabilityofappropriate(public)fundingmechanisms–acrossthevaluechain–isrequired.Hence,inthisdocumentweprovideanoverviewofboththepolicymeasuresandfundingandinitiativesthatwillsupporttherenewablehydrogenmarketdevelopment.OverarchingStrategicVisionPolicyFrameworkLegislationFinancialInstrumentsPublic-PrivatePartnershipsPolicyFundingandInitiativesFindinthe“ReferenceLibrary:KeyPoliciesUpdate–Europe”sectionthedetaileddescriptionofallupdates.Source:(1)REPowerEU;(2)HydrogenEurope,CleanHydrogenMonitor2022.TheEU’spolicyframeworkforrenewablehydrogenvaluechaindevelopmentconsistsofamulti-layeredregulatoryframeworkthataddressesthespecificrolerenewablehydrogencanplayintheEU’swiderenergysystem.Inouroverviewweelucidatehowthelayersrelatetooneanotherandprovideinsightintowhateachpolicymeasureincorporates.Togreenexistinghydrogenvaluechainsanddevelopnewones,announcedprojectsmustmovetowardsFID(incl.production,transport,distributionandend-useprojects).Publicfundinginstrumentsandinitiativescancontributetoachievingbusinesscasesandworkasalevertoattractprivatecapitalinvestments.IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureOverview:PoliciessupportingtheEURenewableHydrogenMarket(Non-Exhaustive)10GreenDeal–by2050aimstosettheEUonthepathtoagreentransition,withthegoalofreachingclimateneutralityby2050–renewablehydrogenisakeypillarofthispackageasitpromotestheuptakeofrenewablefuels,suchashydrogeninindustryandtransport,withadditionaltargets.Fitfor55–by2030aimstoprovideacoherentandbalancedframeworkforreaching55%emissionsreductionby2030–theEuropeanCommissionmandatesthat35%ofhydrogenusedinindustryshouldberenewablehydrogen(thresholdraisedto42%inREPowerEU).REPowerEUWhichaimstoreduceEUdependencyonnaturalgasfromRussia(incl.HydrogenAccelerator)DelegatedActsforRFNBOsGreenDealIndustrialPlanseekstoscaleuptheEU'smanufacturingcapacityfornet-zerotechnologiessuchasrenewablehydrogen.EU-ETSRevisionisthecap-and-tradesystemforGHGemissionsallowances.NZIActproposessimplifiedpermitting,strategicprojects,andstandardstosupportscale-upoftechnologies.CRMActproposestoensureaccesstocriticalrawmaterials(includingelectrolysercomponents).ApprovedCBAMextendstheEU-ETSforimportedproducts(includinghydrogen)intheEU.ApprovedProposedProposedREDIIrevisionestablishescommonrulesandtargetsfordevelopmentofrenewableenergyacrossallsectorsoftheeconomy.ApprovedCommonMarketRulesforFutureGasandHydrogenMarketaimstofacilitateuptakeofrenewableandlow-carbongasesintoEUgasmarketandextendlegislativeprinciplesforgasnetworkstohydrogennetworks.ProposedSource:linksareinthetitlesofthepolicyandlegislativeboxesAllinitiativesmarkedwitha‘plus’symbolwerecreatedoramendedafterthepublicationoftheoriginalRoadmap.A‘Reference’slideisincludedintheReferenceLibrarysection.OverarchingStrategicVisionPolicyFrameworkLegislationKEY:1)conditionsforH2,tobeconsideredasaRFNBO.2)GHGcalculationmethodologyforRFNBOs.ApprovedREFuelEUAviation&FuelEUMaritimeMinimumsustainablefuel(inc.hydrogen)foraviationtoreach6%by2030.Maritimetoreducegreenhousegasintensityof6%by2030ApprovedIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureOverview:FundingandInitiativessupportingtheEURenewableHydrogenMarket(Non-Exhaustive)11Source:linksareinthetitlesofthefinancialinstrumentsandIndustrybodiesEUHydrogenBankwaslaunchedinMarch2023tostimulateinvestmentinsustainablehydrogenproductionandhelptheEUtoachieveitsREPowerEUtargets.Withanoverallbudgetof€3billion,€800millionwillbeavailableforthefirstfundingcallinlate2023.NewInvestEUprovidesabudgetaryguaranteetotheEIBGroupandselectedpartnerswiththeaimtofacilitateaccesstofinanceforriskierprojects.Itaimstomobilisemorethan€372billionofpublicandprivateinvestmentviaanEUbudgetguaranteeof€26.2billion.InnovationFundisoneoftheworld’slargestfundingprogrammesfordemonstrationofinnovativelow-carbontechnologies,incl.productionanduseoflow-carbon/renewablehydrogen.BeingfundedbyEU-ETSrevenues,thisvariablefundwillprovideapprox.€38billionfrom2020-2030.ModernisationFundisafundsupportinglower-incomeEUcountries’transitionstoNetZeroviamodernisationoftheirenergysystemsandimprovedenergyefficiency.ThebudgetisvariableasitissourcedfromEU-ETSrevenues/beneficiarystates’owncontributionsandmayamountupto€48billionfrom2021-2030.JustTransitionFundisoneoftheEU’sCohesionPolicyfunds,aimingtoreducethesocialandeconomicimpactofthetransitiontoNetZero.€19.32billionisallocatedforthisfund,ofwhich€10.87billioncomesfromtheNextGenerationEUfund.HorizonEuropeistheEU’skeyfundingprogrammeforresearch/innovation.PillarsIIandIIIfocusondeploymentoflow-carbonindustryapplicationsandbreakthroughtechnologies,incl.hydrogen.€93.5billionhasbeenallocatedfortheperiod2021-2027.LIFEProgrammeistheonlyEUfunddedicatedtoenvironment,climateandenergy,incl.theCleanEnergyTransitionsub-programmewhichappliestohydrogentechnologies.€5.43billionisallocatedfortheperiod2021-2027,with€1.94billionreservedforthefieldofclimateaction.EuropeanRegionalDevelopmentFund,CohesionFund,REACT-EUarepartoftheEU’sCohesionPolicy,supportinginnovationinthetransitiontoNetZero.Together,thesefundswillinvest€234(respectively,€191billionviaERDFand€43billionthroughCF).ConnectingEuropeFacility(Energy)isafundinginstrumentfortargetedenergyinfrastructureinvestmentataEuropeanlevel.€5.84billionisallocatedfortheperiod2021-2027,aimingtoacceleratethetransitiontowardsNetZero.RecoveryandResilienceFacilityisthecentrepieceoftheNextGenerationEUrecoveryplan,whichaimstomakeEUeconomiesandsocietiesmoresustainablebysupportinggreenanddigitaltransition.Thefundallocates€723.8billioninloansandgrantsforthatpurpose.ConnectingEuropeFacility(Transport)isafundinginstrumentfortargetedtransportinfrastructureinvestmentatEuropeanlevel.€25.81billion(including€11.29billionforcohesioncountries)isallocatedfortheperiod2021-2027.EuropeanCleanHydrogenAlliancebringstogetheractorsacrossthecleanhydrogenvaluechaintosupportlarge-scaledeploymentofcleanhydrogentechnologiesby2030.EuropeanHydrogenBackboneisagroupof32energyinfrastructureoperatorsaimingtoacceleratedecarbonisationbydevelopinghydrogeninfrastructuretoconnectregionsofsupplypotentialwithcentresofdemand.CleanHydrogenPartnershipisauniquepublic-privatepartnershipsupportingR&DinhydrogentechnologiesinEurope,andconsistingoftheEuropeanCommission,HydrogenEuropeandHydrogenEuropeResearch.CleanTechEuropeaimstobridgethegapbetweentheEUcleantechcommunity,venturecapital,andpolicy-makers.CleanEnergyIndustrialForumaimstostrengthentheindustrialbasisinEuropetosupportthecleanenergytransitionandconsolidatetheEU'svaluechainforcleanenergytechnologies.MemberStateFundTherearevariousexamplesofschemesviawhichmemberstatesinternallyadministerfundstoacceleratetheirrespectivetransitionstoNetZero,e.g.inApril2023,ItalynotifiedtheEuropeanCommissionofitsplans,undertheTemporaryCrisisTransitionFramework,toinvest€450mtodevelopintegratedproductionofrenewableelectricityandhydrogen.KEY:FinancialInstrumentPublic-PrivatePartnershipsAllinitiativesmarkedwitha‘plus’symbolwerecreatedoramendedafterthepublicationoftheoriginalRoadmap.A‘Reference’slideisincludedintheReferenceLibrarysection.IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureUpcomingPolicyTimeline12202220232024202520262027202820292030REPowerEUtargets:10Mtofrenewablehydrogenforproductionandanadditional10MtfromImportsand45%ofrenewableenergyintheEU’senergymixEuropeanGreenDeal:Carbonneutralityby2050Fitfor55Target:reduceGHGemissionsby55%by2030EU-ETSPhase4:reduceGHGemissionsby62%forindustriescoveredbyETSGreenDealIndustrialPlan:scalinguptheEU’smanufacturingcapacityforNetZerotechnologiesTBD:EuropeanHydrogenBankImplementationTBD:CRMImplementationofLegislationTBD:ImplementationofRevisedEU-ETSTBD:NZIImplementationofLegislationCBAMPilotPhaseCBAMPhase-inEndofSuspensionPeriodforStateAidRulesDeadlineforobjectionoftheRFNBODelegatedActUpdatedRoadmappublicationEU-ETSFreeAllowancePhase-outREDtranspositionintonationallawOriginalRoadmapOverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureTableofContents@William:ToaddrightlinkMakeamorebeautifulslide:Toaddapictureasbackground?SeebelowexampleperhapsincollaborationwithAccentureAcceleratingCleanHydrogenInitiativeKeyPolicyandFundingUpdatesRoadmapProgressUpdate123ReferenceLibrary:KeyPolicyandFundingUpdates4IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureNavigatingtheUpdatedRoadmap14ThisupdatedRoadmapanalysesthepreviouslydefinedenablingmeasurestimelineagainstthecurrentEuropeanhydrogenpolicylandscape.Inthissection,theRoadmap’scurrentstatushasbeenassessedthroughfoursteps:Step1:Reintroducethedefined2030objectivesperbarrierStep3:ReviewthetimelineofenablingmeasuresStep2:AssesscurrentstatusperbarrieragainsttheobjectivesStep4:ProgresstothenextlevelIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureAcceleratescale-upofelectrolysermanufacturingtodriveeconomiesofscale.Ensureclarityoncarbonintensity,safetyandtechnicalstandardsforprojectsacrossthevaluechain.FocusoninnovationandR&Dtoenableimprovementoncost,efficiencyanddurabilityofelectrolysers.Ensureearlyrampupof‘noregret’infrastructure,includingtransport,storage,conversionandtradefacilities.Removecostandregulatorybarriersforproductionanddeploymechanismstoacceleratedemandinhard-to-abatesectors.Drivecriticalmassdemandthroughmajorhydrogenprojectsleveragingefficientallocationofcapital,long-termcertaintyandsectoraltargets.Defined2030ObjectivesperBarrierTheinitialRoadmapdefinedsevenbarriersandhigh-levelobjectivesforEuropetoreachascaledrenewablehydrogenmarketby2030baseduponthetimelyimplementationofallenablingmeasures.15AvailableCleanElectricityStandards&CertificationPaceofDevelopmentCostDemandTechnologyInfrastructureSignificantramp-upanddeploymentofcleangenerationthroughambitioustargets,incentivesandenergysystemdesign.AvailableCleanElectricityAvailableCleanElectricityObjectivesBarrierKEY:IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureCurrentStatusof2030Objectives16SevenBarriersStatusasofApril2023CostTheEuropeanCommissionhaslaunchedaseriesofpolicies,fundsandinitiativestolowerthecostofrenewablehydrogendevelopmentacrossthevaluechain(seeouroverviewfundingandEuropeanHydrogenFundingCompass).WiththelaunchoftheEuropeanHydrogenBank,theEuropeanCommissionplanstointroduceauctionschemesforrenewablehydrogenproducers,streamlineaccesstoEUfundingprogrammesandprovidededicatedinnovationfundingtonarrowthecostgapbetweenrenewablehydrogenandfossilfuels.TheEU'skeyfiscalinstrumentforacceleratingdemandinhard-to-abatesectorsistheEU-ETS,whichallocatesapriceoncarbonemissions,incentivisingcompaniestousealternativelow-carbonfuelssuchasrenewablehydrogen.StandardsandCertificationInresponsetotherequirementoftheREDIIdirectivethatRFNBOsmustdeliveratleast70%GHGemissionsavingscomparedtofossilfuels,theEuropeanCommissionhasreleasedtwoDelegatedActs.ThefirstActdefinestheconditionsunderwhichhydrogen,hydrogen-basedfuels,orotherenergycarrierscanbeconsideredasRFNBOs,whilethesecondActestablishesthemethodologybywhichtocalculateGHGemissionsavingsfromRFNBOsandrecycledcarbonfuels.Additionally,aroadmaponstandardisationbytheEuropeanCleanHydrogenAlliancehasbeenpublishedincludingrecommendationstostreamlineandacceleratetheprocessofsettingEuropeanstandards.DemandTheEuropeanCommissionhasapproved2IPCEIsforrenewablehydrogenprojects,providinglong-termcertaintyandcreatingafavorableenvironmentforinvestmentandinnovation,therebydrivingcriticalmassdemand.Additionally,theREDIIrevisionhasresultedinincreasedsectoralRFNBOtargets,whichprovidegreaterincentivesfortheuptakeofrenewablehydrogen.Inparallel,theEuropeanCommissionisindirectlydrivingdemandforrenewablehydrogenbyphasingoutthefreeallowancesandincludingotherindustrieswiththeEU-ETSandbyapplyingthesamerulesforimportasfordomesticproductionwithCBAM.Acrossthesemeasures,anindispensablesteppingstoneforattainingacriticalmassofdemandisgreeningthehydrogendemandofexistingindustrialclusters.Intotal,existinghydrogendemandintheEUamountsto8.7Mt,whichisanimportantsteptowardsrealizingofftakeforthe20Mtproductionandimporttargetfor2030.InfrastructureTheEuropeanCommissionhasidentifiedthreepotentialhydrogensupplycorridors–whichwerevisuallysplitintosevenlarge-scalecorridors–basedonexistingandnewpipelines.TheLearnbookonHydrogenSupplyCorridors,publishedinApril2023,presentsthelatestupdateontheproposedcorridors.ThisnetworkwillnotonlyconnectlocalsupplyanddemandindifferentpartsofEuropebutalsoexpandandconnectEuropewithneighboringregionswithexportpotential,ultimatelyrespondingtotheneedemphasisedbyREPowereEUtoexpeditetheestablishmentofhydrogeninfrastructurefortheproduction,importandtransportationof20Mtofhydrogenby2030.PaceofDevelopmentWiththeNetZeroIndustryAct,theEuropeanCommissionhasproposedtostrengthenEurope’sNetZerotechnologyproductsmanufacturingecosystem.TheobjectiveoftheActistofacilitatetheachievementofatleast40%ofannualdeploymentneedsforstrategicNetZerotechnologies(suchaselectrolyserandCCStechnologies)manufacturedintheEUby2030.Theelectrolyservaluechainhasbeenmappedandan‘ElectrolyserPartnership’platformforelectrolysermanufacturersandsuppliershasbeensetuptocoordinateeffortsandavoidbottlenecksintheelectrolyservaluechain.TechnologyAnewreport‘HydrogenPatentsforaCleanEnergyFuture’bytheIEAandEuropeanPatentsOfficeshowsthattheEuropeUnionandJapanareleadingintermsofpatentnumbersinhydrogentechnologies,withtheEUfiling28%ofallinternationalpatentfamiliesinhydrogentechnologiesin2011-2020.Thisreporthighlightspositivetrendsinhydrogeninnovationacrossthehydrogenvaluechainandindustrysectors,withEuropeplayingamajorroleintheemergenceofnewhydrogentechnologies.Tocontinuethattrend,theEuropeanCommissionhassustainedandincreasedfundsforhydrogenR&D(e.g.REPowerEUcalledforanincreaseinthebudgetHorizonEuropefundtosupportR&Dincleanenergytechnologiesincludinghydrogen).AvailableCleanElectricityInresponsetotheEnergyCrisis,theEuropeanCommissionhasacceleratedplansandpolicyframeworkstoramp-upthedeploymentofcleanenergygenerationindirectlybenefittingrenewablehydrogendevelopment.TheEuropeanCommissionhassetmoreambitiousrenewableenergyconsumptiontargetswithREDIIrevisionandprovidedclarityonadditionalityrulesforRFNBOswiththeFirstDelegatedActofRFNBOs.Thebarrier“AvailableRenewableElectricity”isacriticalbarrier,howeverinthescopeoftheRoadmapitisconsideredasoutofscope.MoreinformationcanbefoundwiththeCleanPowerandElectrificationinitiativeoftheWorldEconomicForum.Thecurrentstatusperbarrierhasbeenassessedagainstthedefined2030objectivesandthecurrentEUpolicylandscape(asofApril2023).IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccenture20212022202320242025202620272028202920301a.EnsureadditionalityruleswhilesupportingincreasedREdeployment1b.Decreasehighelectricitypriceswithdedicatedsupport1c.Easeadditionalityrulesforfirstmovers1d.Decreaseinvestmentcostsforelectrolyserwithdedicatedsupport(e.g.grants/loans)2a.Createone-stop-shopforhydrogenfinance2b.Providefiscalincentives(taxleveldifferentiation&taxreliefforgreengoods)2c.ImplementCarbonContractsforDifference2d.Introduceecolabellingtogreenproducts,includinghydrogenproductionroutes2e.PhaseoutfreeETSallowancesforgreyhydrogenanduserevenuesforgreen3a.Identifyhigh-value/efficientapplicationsanddefinetargetsbyend-usesector3b.Incentivizethedevelopmentofhydrogenvalleysthroughregionalandsectoraltargets3c.Drivesustainablepublicprocurement3d.Acceleratefuelshiftinindustrialapplicationsthroughmajortransformationpolicy4a.EnsurealignmentofeffortsandstrategiesacrossMemberStates4b.Setambitiouscapacitytargetsfortradefacilities(e.g.ports,(re)conversionfacilities)4c.Definemarketdesignandoperatingrulesforhydrogentrading(includingderivatives)5a.Phaseoutfossilfuel-basedtechnologies(greyproduction,steel,etc.)5b.Introducequotasandmandatesforhydrogen,greenproducts,basicmaterials5c.DesignCarbonBorderAdjustmentbasedonlifecyclecarboncontenttopromotegreengoodsCurrentStatusoftheEnablingMeasures(1/2)17BarrierKEY:CostDemandEnablingmeasureshavebeenpreviouslydefinedascapableofovercomingthebarrierstoachieveascaledrenewablehydrogenmarket.ThecurrentstatusofeachenablingmeasurehasbeenassessedinthecontextofthecurrentEUpolicylandscape(asofApril2023).TodayTechnologyEvolution&R&DStandards&CertificationMarkets&FinancingMatchingSupply&Demandenablingmeasurecategory:IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccenture20212022202320242025202620272028202920306a.Clarifygovernanceofthehydrogentransmissionnetwork6b.Setupaflexibleregulatoryframeworkadjustablebasedonmarketdevelopments6c.Integratelong-termplanningofhydrogen,powerandgasinfrastructure6d.Specifyinteroperablequalitystandardsanddefinitions6e.Introducecapacitypaymentstosupportramp-upofinfrastructure7a.Definetechnicalstandardsfornewpartsofthevaluechainbeyondproduction7b.Definetechnicalstandardsforhydrogenderivatives(e.g.ammonia,syntheticfuels)7c.Developsafetystandardsfornewhydrogencarriers8a.Setclearcarbonintensitydefinitions,thresholds,boundariesforhydrogenproduction8b.EnsureMemberStates,EU,exportersusethesamemethodologyandscopeforcarbonintensity8c.Definecarbonintensitystandardsforhydrogenderivatives(ammonia)andliquid…8d.Introduceenvironmentalexternalities(water,land,etc)inthecertificationprocess9a.Setelectrolysermanufacturingcapacitytargets9b.Setspecifictargetsforelectrolysercomponents9c.Driveautomationofelectrolyserproductionandincreaserawmaterialefficiency9d.Identifycriticalskillsanddevelopstrategytoensureavailabilityofqualifiedworkforce10a.FocusR&Dtoimprovetechnologyperformanceofelectrolysers10b.Deploypilotprojectstobuildexperiencewithcommercial-sizefacilities10c.Identifypossiblelongtermsupplychainbottlenecksbyvaluechaincomponent18Standards&CertificationPaceofDevelopmentTechnologyInfrastructureTodayCurrentStatusoftheEnablingMeasures(2/2)18Enablingmeasureshavebeenpreviouslydefinedascapableofovercomingthebarrierstoachieveascaledrenewablehydrogenmarket.ThecurrentstatusofeachenablingmeasurehasbeenassessedinthecontextofthecurrentEUpolicylandscape(asofApril2023).BarrierKEY:TechnologyEvolution&R&DStandards&CertificationMarkets&FinancingMatchingSupply&Demandenablingmeasurecategory:IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccenture19Uponreviewingthevariousenablingmeasuresinplace,itisevidentthatEuropehasmadesubstantialprogresstowardsmeetingits2030objectivestoestablishascaledrenewablehydrogenmarket.TheEuropeanCommission'seffortsinthisregardarenoteworthy,asithasdemonstratedastrongcommitmenttopromotingthegrowthoftherenewablehydrogenmarketandithasmadeuseofallavailableinstrumentsatitsdisposaltodriveprogressforward.Toensurethattheseeffortstranslateintoachievingthe2030objectives,itiscrucialtomaintainthemomentumonthedevelopmentoftherenewablehydrogenmarketinEurope.Anumberofenablingmeasurescanbefurtheractionedandacceleratedtosupportthescale-upofthehydrogenmarketinEurope,including:1.One-Stop-ShopforHydrogenFinance2.FiscalIncentivesforGreenProducts3.DefinitionsforHydrogenproductionSignificantprogresshasbeenachievedontheEnablingMeasuresIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccenture20Focus:One-Stop-ShopforHydrogenFinanceCreateone-stop-shopforhydrogenfinanceDescription:Initiativetobringtogetherprojectdevelopers,privatefinance,developmentfinanceandgovernmentsupportunderonerooftoaccelerateprojectFIDsBarrier:Enablingmeasure:Keyactionsofenablingmeasure(January2022)StatusCurrentstatus(April2023)CreateaforumthatconnectsprivatefinanceactorswithpolicymakerstoshareperspectivesonwhatisstoppingFIDsforhydrogenprojects.TheEuropeanCleanHydrogenAlliancebringstogetheractorsacrossthecleanhydrogenvaluechaintosupportlarge-scaledeploymentofcleanhydrogentechnologiesby2030.TheAlliancewasinstrumentalfortheapprovalinJulyandSeptember2022ofthetwoImportantProjectsofCommonEuropeaninterest’(IPCEIs)ofrenewablehydrogenprojects.Developaframeworkandtoolkitfortheefficientallocationofcapitalforinvestors,e.g.costvscarbonreductionvsSystemValueofhydrogenaboveLCOH.TheEuropeanHydrogenBankauctionschemeisannouncedforSeptember2023.Itincludedaframeworkforefficientallocationofcapitalforinvestors.Providetechnicalassistanceandgrantfundingforprojectdevelopmentanddocumentpreparation.TheEuropeanInvestmentBankandEuropeanCleanHydrogenAllianceareofferingfinancingandadvisorysupportforrenewablehydrogenpromotersselectedforpublicfunding.Supportprojectdevelopmentviaprovisionofprojectinitiationandfacilitationtools.TheEuropeanCommissiondevelopedtheEuropeanHydrogenFundingCompass,anonlineguideforstakeholderstoidentifyEuropeanandnationalpublicfundingsourcesforhydrogenprojects.AccelerateuseoftheEUtaxonomyforsustainablefinanceforhydrogen.ThelegalframeworksapplicabletohydrogenundertheEUTaxonomyandundertheDelegatedActforRFNBOsareindirectlylinkedandmakeforanenhancedinvestmentenvironmentforhydrogenprojects.Markets&FinancingCostThefollowingenablingmeasurescanbefurtheractionedandacceleratedtosupportthescale-upofthehydrogenmarketinEurope.OntrackInitiatedAtRiskKEY:IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccenture21Providefiscalincentives(taxleveldifferentiation&taxrelief)forgreengoodsDescription:Fiscalincentivesrefertolowertaxratesortaxreliefforconsumerswhousegreenproducts(e.g.greensteel,greenfertiliser)Barrier:Enablingmeasure:Keyactionsofenablingmeasure(January2022)StatusCurrentstatus(April2023)Introducetaxdifferentiation(taxdesignunderwhichratesongoodsareadaptedtoreflectagovernmentobjective,suchasclimateimpact)toreduceprofitabilityforcarbon-intensiveproducersorincentivizetheswitchtogreenalternatives.OneofthekeyfiscalinstrumentsoftheEUtoincentivizetheswitchtogreenalternativesisbyputtingapriceoncarbonemissionswiththeEUEmissionsTradingSystem(EU-ETS).TheEU-ETSsetsacaponcarbonemissionsforcertainindustriesandallowsthemtotradeemissionsallowancestomeettheirtargets.Byrequiringcompaniestopurchaseallowancesorreducetheiremissions,thesystemcreatesafinancialincentivetoreducecarbonemissionsandinvestinlow-carbontechnologies.CBAMpilotphasewillbelaunchedinSeptember2023toapplythesametaxforimportandtoavoidcarbonleakage.Introducetaxreliefs(schemeswheretheexpenseincurredtobuyagreenproductcanbepartiallyortotallydeductedorfromtaxes)toencourageconsumerstoinvestinmoreexpensivegreengoods.ThedebateontheEUEnergyTaxationDirective,whichsetsminimumtaxratesonenergyproductsandincentivizestheuseofrenewableenergysourcesincludingrenewablehydrogen,isstillongoing.Focus:ProvideFiscalIncentivesforGreenProductsCostMarkets&FinancingOntrackInitiatedAtRiskKEY:Thefollowingenablingmeasurescanbefurtheractionedandacceleratedtosupportthescale-upofthehydrogenmarketinEurope.IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccenture22Setclearcarbonintensitydefinitions,thresholds,boundariesforhydrogenproductionDescription:EnsurethatthemethodologyandcriteriaformeasurementofGHGemissionsisstandardised,withquantitativethresholdsperhydrogensourceBarrier:Enablingmeasure:Keyactionsofenablingmeasure(January2022)StatusCurrentstatus(April2023)Createdesignprinciplestoaligncertificationstandardsandpractices,andtofacilitateinteroperabilitybetweenthem.TheDelegatedActonUnionMethodologyforRNFBOs(proposedinFebruary2023)statesthatacertificationschemerelyingon“voluntaryschemes”willbeintroducedtoensurethattheproducersinthirdcountriesadheretothesamecriteria.TheEuropeanCleanHydrogenAlliancehaspublishedaRoadmaponhydrogenstandardizationincludesasetofrecommendationstostreamlineandacceleratetheprocessofsettingEuropeanstandards.Drivethedevelopmentofminimumcriteriaforthedefinitionofgreenhydrogensustainability.ThroughtheDelegatedActonUnionMethodologyforRNFBOs(proposedinFebruary2023)theEuropeanCommissionestablishedamethodologyforcalculatinglifecycleGHGemissionsforRFNBOs(themethodologyconsidersGHGemissionsacrossthefulllifecycleoffuels,includingupstreamemissions,emissionsassociatedwithtakingelectricityfromthegrid,processing,andtransportingthesefuelstotheend-consumer).Thismethodologyisnotyetinplace.Makeacleardistinctionbetween(quantitative)sustainabilitycriteriaand(qualitative)labels,therebyensuringtransparency.TheDelegatedActforaminimumthresholdforGHGsavingsofrecycledcarbonfuelsandannex(proposedFebruary2023)providesamethodologyforcalculatinglifecycleGHGemissionsforRFNBOs.Focus:CarbonIntensityDefinitionsforHydrogenProductionStandards&CertificationStandards&CertificationOntrackInitiatedAtRiskKEY:Thefollowingenablingmeasurescanbefurtheractionedandacceleratedtosupportthescale-upofthehydrogenmarketinEurope.IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureGuidingPrinciplestoAccelerateRenewableHydrogenmarketdevelopmentinEurope23Strivetoensurelegislationisfuture-proofandflexiblebyregularlyreviewingandrevisinglawstoaccountfortechnologicaladvancementsandchangesinthemarket(asdonewithREPowerEUandCBAM).Promotedevelopmentofpracticaltoolswhichempowerindustryplayerstonavigatethediversefundingandregulatoryenvironment(asdonewiththeHydrogenFundingCompass).Sincetheenablingmeasuresarecloselyintertwinedwithpolicyandindustryneeds,theWorldEconomicForum“AcceleratingCleanHydrogen”initiativeaimstofacilitatedialogueandcollaborativeactivitiesamongpolicymakers,industryandotherkeystakeholderstoacceleratepriorityenablingmeasures.Continuetodevelopglobalstandardsinordertofacilitatealevelplayingfieldforbusinessesoperatingindifferentcountries,andtofacilitateinternationaltrade.Aimtoprovideinvestorswithlegalcertaintybyestablishingclearguidelinesthatarebothpredictableandconsistentovertime.Fostercollaborationandknowledge-sharingbetweenregulators,industrystakeholdersandacademicstoidentifyandremoveregulatoryandnon-regulatorybarrierswhichhinderinnovationandgrowth.Exploretheuseofregulatory‘’sandboxes’’toallowforinnovativesolutionstobetestedinacontrolledenvironmentbeforebeingdeployedtothemarket.IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureTableofContents@William:ToaddrightlinkMakeamorebeautifulslide:Toaddapictureasbackground?SeebelowexampleperhapsincollaborationwithAccentureAcceleratingCleanHydrogenInitiativeKeyPolicyandFundingUpdatesReferenceLibrary:KeyPolicyandFundingUpdates12RoadmapProgressUpdate43IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureREPowerEUPlan–KeyHydrogenMeasuresREPowerEUcomplementstheprecedingEUHydrogenStrategy,andaimstoproduce10Mtofdomesticrenewablehydrogenaswellastoaddanother10Mtofimportedrenewablehydrogenby2030.25SectorSub-targetsSectorialsub-targetsforrenewablefuelsofnon-biologicalorigin(RFNBOs)havebeensetwithinindustryandtransportundertheRED(seeRef.slide),inalignmentwiththeREPowerEUambition(42%forindustryand5%fortransport).DoubleHydrogenValleysREPowerEUhascalledforanincreaseinthebudgetoftheHorizonEuropefund,withtheunderstandingthattheHydrogenValleyswillreceiveasignificantportionoftheirfundingandtomakesuretoreachthegoalofdoublingthenumberofHydrogenValleysacrossEurope.JointPurchasingMechanismsJointPurchasingMechanismswillfacilitatetheestablishmentofadedicatedworkstreamonjointrenewablehydrogenpurchasingundertheEUEnergyPlatform,whichwillprovideforthevoluntaryjointpurchaseofgas,LNGandhydrogen.Trans-EuropeanNetworksforEnergy&importcorridorsTrans-EuropeanNetworkforEnergy(TEN-E)policyintendstolinktheenergyinfrastructuresofEUcountries,inc.hydrogeninfrastructures.Byendof2023,Commissionplanstoidentifycross-borderhydrogenprojectswithastatusof‘projectsofcommoninterest’thatwillbenefitfromEUfunding.Importinfrastructure:by2030,CommissionintendstodevelopthreehydrogenimportcorridorsviatheMediterranean,theNorthSeaarea,andUkraine(whenfeasible)EuropeanHydrogenBankTosupporthydrogenuptakeandelectrificationinindustry,theEuropeanCommissionwillrolloutauctionschemesanddedicatedinnovationfundingtosupportafullswitchofexistinghydrogenproductionfromnaturalgastorenewables,andtofacilitatethetransitiontohydrogen-basedproductionprocessesinindustrialsectorssuchassteelproduction.Innovation/R&DAspecificREPowerEUInnovationfundingwindowwillsupport(1)innovativeelectrificationandhydrogenapplicationsinindustry,(2)innovativecleantechmanufacturing(suchaselectrolysersandfuelcells,innovativerenewableequipment,energystorageorheatpumpsforindustrialuses),and(3)pilotsforvalidating,testingandoptimisinghighlyinnovativesolutions.Source:ECREPowerEUPlanBacktopolicyoverviewLinkedtotheGreenDealOverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsHydrogenAcceleratorSWD1)Raisestargetupto10Mtofrenewablehydrogenforproductionandupto10Mtforimportby2030.2)Proposessimplifiedpermitting,strategicprojects(TEN-E),andnewstandardstosupportscale-upoftechnologies.SWD:StaffWorkingDocumentisanonbindingdocumentthatframetheimplementationofthepolicyframeworkIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureEnhancingavailabilityofgreenskillsThethirdpillarprioritizesdevelopingtheskillsneededforwell-paidqualityjobsinlightofthegreentransitionaffecting35%to40%ofalljobs.Thefollowingisproposed:•EstablishingNetZeroIndustryAcademiestorolloutup-skillingandre-skillingprogrammesinstrategicindustries.•Exploringa‘Skills-first'approachtorecognise(existing)skills•Facilitatingaccessforthird-countrynationalstoEUlabourmarketsinprioritysectors.•Adoptingmeasurestofosterandalignpublicandprivatefundingforskillsdevelopment.OpentradeforresilientsupplychainsThefourthpilarfocusesonglobalcooperationforresilientsupplychains,promotingopentradeandfaircompetitionby:•ContinuingtodevelopanetworkofFreeTradeAgreementstosupportthegreentransition.•ExploringthecreationofaCriticalRawMaterialsClubtoensureacompetitiveanddiversifiedindustrialbase.•ConsideringtheconceptofCleanTech/NetZeroIndustrialPartnerships.•ProtectingtheSingleMarketfromunfairtradeinthecleantechsectorandusinginstrumentstopreventdistortionbyforeignsubsidies.GreenDealIndustrialPlanfortheNet-ZeroAgeTheGreenDealIndustrialPlanformspartoftheEuropeanGreenDeal,whichsetEuropeonthepathtoclimateneutralityandwillenableEuropetoleadthewaygloballyintheNetZeroindustrialage.ThePlansupportsscalingupoftheEU'smanufacturingcapacityforNetZerotechnologiessuchasrenewablehydrogenviathefourpillarsoutlinedbelow:26FasteraccesstofundingThesecondpillaraimstoaccelerateinvestmentandfinancingforcleantechproductioninEuropebyunlockingpublicandprivatefinancing,through:•GuaranteeingalevelplayingfieldwhilemakingiteasierforMemberStatestograntaidbyconsultingwithotherEUcountriesonamendingtheTemporaryStateAidcrisisandTransitionFramework.•FacilitatingtheuseofexistingEUfundsforfinancingcleantechinnovation,manufacturing,anddeployment.IntheshorttermREPowerEU,InvestEUandtheInnovationFundarethefocus.Inthemid-term,theEuropeanCommissionwantstoproposeaEuropeanSovereigntyFundbySummer2023.•ReleasingnewguidanceonrecoveryandresilienceplanstoaidMemberState’saccesstoREPowerEUfunds.Source:EuropeanCommission;Pressrelease1Feb2023SimplifiedregulatoryenvironmentThefirstpillarisaboutfacilitatingasimplerregulatoryframeworktoensureindustrialcompetitivenessandavoidunnecessaryburdens.TheEuropeanCommissionwillcomewiththreekeyproposals:1.TheNetZeroIndustryAct:topromotesimplifiedpermitting,strategicprojects,andstandardstosupportscale-upoftechnologies.2.TheCriticalRawMaterialsAct:toensureaccesstorawmaterialsvitaltomanufacturingofkeytechnologies.3.Reformoftheelectricityandgasmarketdesign:tosupportconsumersinbenefitingfromlowercostsofrenewables.BacktopolicyoverviewLinkedtotheGreenDealOverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureEmissionTradingSystemRevisionTheEUEmissionTradingSystem(ETS)isakeytoolforcosteffectivelyreducingGHGemissionsforgoodsproducedwithintheEU-ETSZone.theEuropeanCommissionhasproposedamoreambitiousETSupto2030.27EmissionreductionTargetIncreasetheemissionsreductionfactorcoveredunderEU-ETSto62%by2030,whichwillhaveanimpactindecreasingtheemissionlimit(cap).ETSrevenueuserevisionAdoptionofnewrulesonuseofETSrevenuesfortheInnovationFundandtheModernisationFundcouldalsofinancecross-borderprojectsinlow-growthborderregions.LengtheningtheMarketStabilityReservemechanismwithanannualintakerateof24%ofallowancestoaddresspossibleimbalancesbetweensupplyanddemand.SeparateETSforbuildingandTransportCreationofaseparateETS(ETSII)specificallyforbuildingsandroadtransportasof2027,whichisoneyearlaterthanpreviouslyproposed.Freeallowancephase-outrevisionReductionatslowrateuntil2029andatanacceleratedratefrom2030until2034,whichwillcomprisethetotalphase-outoffreeallowances.WhatistheEU-ETS?•TheEUEmissionsTradingSystem(EU-ETS)wascreatedin2005andwastheworld’sfirstmajorcarbonmarket.•EU-ETSisacap-and-tradesystemforGHGemissionsallowancesthatcanbetradedbetweenentities:oTheemissionlimit(cap)andfreeallowancesdecreaseseachyear.oTradeoccursattheEUcarbonprice,whichisdeterminedbysupplyanddemandofallowances.•Selectedsectorsaccountingfor40%ofEUGHGemissions:electricityandheatgeneration,energy-intensiveindustrysectorsandaviationwithintheEUeconomicarea.•Sometechnologies(includingelectrolysers)aregivenfreeallowancestoremaincompetitive.ProposedrevisionsforETSphase4(2021-2030):MaritimetransportextensionExtensionofETStoincludemaritimetransportfrom2024withagradualphase-inuntil2026.Differenttimingsapplyforoffshorevesselsofover5000GTandgeneralcargovessels.Source:EuropeanParliamentPressreleaseBacktopolicyoverviewImplicationfortherenewablehydrogenmarket:TherevisionsoftheETSphase4impacttherenewablehydrogenmarketdirectly,ashydrogenproductionwithelectrolysersfallswithinthescopeoftheEU-ETS.Additionally,theEU-ETSrevisionsindirectlyaffectrenewablehydrogendemandasotherindustriesareincentivisedtodecarboniseduetorisingcarboncosts.LinkedtoFitfor55OverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureWhatistheEUCBAM?•“CarbonLeakage”istherelocationofproductioncapacitytolow-orno-carbonpricingareas.•Selectedsectorscoveredinthefirstphaseincludecement,aluminum,ironandsteel,fertiliser,electricityproductionandhydrogen.•TheCBAMtargetscarbonleakagebyattachinganimportlevyinlinewiththeEU-ETSemissionsallowanceprice.•TheproposedmethodtocalculatetheCBAMlevyisasbelow:Undertheprovisionalagreement,asimplifiedCBAMwouldobligeimporterstocollectandreportcarbondata(i.e.thedirectemissionsgeneratedduringaproduct’sproductionprocess).CarbonBorderAdjustmentMechanism28TheCarbonBorderAdjustmentMechanism(CBAM)aimstopreventcarbonleakageandisapplicableongoodsimportedintotheEU-ETSZone.Duringa9-yeargradualphase-inperiod,importerswouldbeobligedtosubmitCBAMcertificatesandpaythelevy.TheEuropeanCommissionwillthenevaluatewhethertoextenditsscopetoincludeothersectorsandwhethertoaccountforindirectemissions(i.e.Scope2,3).TransitionalphaseGradualphase-inOctober202320262035TheEuropeanCommissionproposedthebelowtimelinetophaseinCBAM:CIEUproducttCO2/tproductCIImporttCO2/tproductRCBAMEUR/tproductRnon-EUEUR/tproductEU-ETSBenchmarkCarbonFootprintImportedProductCBAMLevybasedontheEU-ETSmarketpriceNon-EUCarbonCosttoaddressdoubletaxation-x-CBAMtofollowthephaseoutrateofEU-ETSfreeallocation(seepreviousslideonETSrevisioninformation).Source:EuropeanParliamentPressreleaseBacktopolicyoverviewLinkedtoFitfor55OverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureCommonRulesforFutureGas&HydrogenMarketInaimingtofacilitatethegassector‘stransitiontowardsrenewableandlow-carbongases(especiallyhydrogenandbiomethane),onMarch28th2023theCounciloftheEUdefineditsnegotiatingpositionontwoproposals–oneregulationandonedirective–whichseektocreatearegulatoryframeworkfordedicatedhydrogeninfrastructure,marketsandintegratednetworkplanningacrosstheEU.NowtheCouncilhasconfirmedtheseproposals(whichcomprisepartofthe‘Fitfor55’package),theParliamentcanbeginnegotiationswhich,oncecomplete,willallowtheinstitutionstoadoptandimplementthesechanges.29Source:EuropeanCouncilCreateconditionsforthetransitioningEUgasmarketwhichprotectconsumerswhilstpromotingcompetitivenessandultimatelyadvanceprogresstowardsNetZeroTheCouncil’sproposedDirectiveseekstoextendthelegislativeprinciplesthatgovernEUgasnetworkstoincludehydrogennetworksthrough:Establishingdefinitionsfor‘low-carbon’andcreatingprovisionsonsustainability/certificationofrenewableandlow-carbongases.Settingconsumerprotectionrulesenablingconsumerstoeasilyswitchsuppliersandprioritiserenewable/low-carbongasesoverfossilfuels.EstablishingprovisionsrelatingtoTSOsandDSOs(incl.unbundling),third-partyaccesstogasinfrastructureandintegratednetworkplanning,andindependentregulatoryauthorities.Notextendingcontractsforunabatedfossilnaturalgasbeyond2049toavoidfossilfuel‘lockin’andmakespaceforcleangasesinmarket.TheCouncil’sproposedRegulationaimstofacilitateuptakeofrenewableandlow-carbongases(especiallyhydrogenandbiomethane)intotheEUgasmarketby:Requiringexistinggasinfrastructuretointegratehydrogen/renewablegasesbyremovinginterconnectiontariffsandloweringtariffsatinjectionpoints.Creatingrulesandprovisionsforcross-borderhydrogennetworkstofacilitateblendingofhydrogenwithnatural/renewablegases,inordertofacilitateregionalcooperationongasqualityandfightagainstcyberattacksonEUenergynetworks.Requiringstatestoincludestorageinsecurityofsupplyrisksassessmentsandfacilitatevoluntaryjointprocurementofstrategicstocks.CreatingaEuropeanNetworkofNetworkOperatorsforHydrogentopromotededicatedhydrogeninfrastructure,cross-bordercoordinationandinterconnectornetworkconstruction,andelaborateonspecifictechnicalrules.ProposedchangesrelatetoEUmemberstatesBacktopolicyoverviewLinkedtoFitfor55OverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureRenewableEnergyDirectiveRevisionsTheRenewableEnergyDirectivepromotestheuseofRenewableFuelsofNon-BiologicalOrigin(RFNBOs)bysettingconcretetargetstouseRFNBOstodecarbonizeindustryandtransport.InlateMarch2023,EuropeanCouncilandParliamentnegotiatorsreachedaprovisionalpoliticalagreementtoincreasetheshareofrenewableenergyusageacrosstheeconomyandtorevisesector-specifictargets.305.5%RenewableFuelsofNon-BiologicalOrigin(RFNBOs)useintransportsector.42%OfhydrogenusedinindustryshouldbereplacedwithRenewableFuelsofNon-BiologicalOrigin(RFNBOs)consumption(targetof60%by2035).400GWRenewablehydrogenelectrolysercapacityintheEU.Source:EuropeanCommissionproposal,Revisedtargetsfor2030:Revisedsector-specificsub-targetsfor2030:42.5%RenewablesintheEU’sfinalenergyconsumptionwithanadditional2.5%indicativetop-upthatwouldenablearateof45%.BacktopolicyoverviewOverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsLinkedtoFitfor55IncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureFirstDelegatedActonUnionMethodologyforRFNBOsThisDelegatedActdefinesunderwhichconditionshydrogen,hydrogen-basedfuelsorotherenergycarrierscanbeconsideredtobeRenewableFuelsofNon-BiologicalOrigin(RFNBOs).31Electrolyserconnectedtorenewableoff-gridelectricity?Electrolyserconnectedtoabiddingzonewith>90%renewableelectricity?Scenario1,DirectconnectionbetweenREplantandRFNBOgenerator:AREplantwhichislocatedinthesameinstallationasanelectrolyserorisconnectedtoitviaadirectline.IftheREplantalsohasagridconnection,theoperatorwillneedtoproveviasmartmetersthatnoelectricityfromthegridwasusedfortheproductionoftheRNFBO’s.Electrolyserconnectedtoabiddingzonewith<18gCO2eq/MJ?Scenario2,Biddingzonewith>90%renewables:Inthisscenario,allelectricitycanbeconsideredtobefullyrenewableandthusnoPPAisneededtoprovetheconnectiontorenewableenergy(Norwaybeingthemainbeneficiary).Scenario3,ElectricityfromrenewablePPA:Producerneedstoconcludearenewablepowerpurchaseagreement(PPA)toensurethesupplyofrenewableelectricityandtoprovethattheRFNBOproductionisconductedwhenthepower-generatinginstallationisusingREsources.Inaddition,theproducermustfollow:-Geographicalcorrelation:Producerandelectrolysershallbelocatedinthesamebiddingzone.-Temporalcorrelation:Aguaranteeoforigin(GO)releasedonamonthlybasis(from2030anhourlyGO)provesthecorrelationofavailablerenewableenergyandtheproductionofrenewablehydrogen.-Additionalityrules:REplant(s)installednomorethan36monthsbeforetheelectrolyser;REplantmustnothavereceivedoperatingorinvestmentaid(tosupportfirstmovers,doesnotapplyuntil2038forproducerssettingupbeforeJanuary2028).Scenario4,ElectricityfromrenewablePPA(exemption):Thereisanexemptionfromadditionalityrules(36-monthruleandinvestmentaid)fortheproducerlocatedinabiddingzonewheretheemissionintensityofelectricityislowerthan18gCO2eq/MJ(relevantforFrance&Sweden).TheproducerwillstillrequireaPPAandmustfollowageographicalandtemporalcorrelation.Source:EuropeanCommissionYesYesYesNoNoNoDependingontheelectricitysourceconnectedtotheelectrolyserusedtoproducetheFuelofNon-BiologicalOrigin(RFNBOs)therearedifferentconditionsapplicabletobeconsideredanRFNBO:BacktopolicyoverviewLinkedtoREDOverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureCalculationmethodologyofGreenHouseGasemissionsforRFNBOs:EmissionareexpressbydividingthetotalemissionsoftheprocesscoveringeachelementoftheformulabythetotalamountoffuelstemmingfromtheprocessandshallbeexpressedintermsofgramsofCO2equivalentperMJoffuel(gCO2eq/MJfuel).DelegatedActforaMinimumThresholdforGHGEmissionSavingsofRecycledCarbonFuelsandAnnexThisDelegatedActestablishesthemethodologybywhichtocalculateGHGemissionssavingsfromRFNBOsandrecycledcarbonfuels.32Source:EuropeanCommissionCalculationmethodologyofGreenHouseGasemissionsavingsforRFNBOscomparedtofossilfuel:REDIIstates:RFNBOsneedtodeliverGreenHouseGasemissionsavingsofminimum70%comparedtofossilfuels,whichisequivalenttominimum3.38kgCO2perkgofhydrogen.%ofGHGsavingsfromRFNBOscomparedtofossilfuelTotalemissionsfromtheuseofRFNBOs(gCO2eq/MJfuel)Totalemissionsfromthefossilfuelcomparator(94gCO2eq/MJ)-Totalemissionsfromthefossilfuelcomparator(94gCO2eq/MJ)EmissionsfromSupplyofinputsEmissionsfromProcessingEmissionsfromTransportanddistributionEmissionsfromCombustingthefuelinitsend-useEmissionsavingsfromCarbonCaptureandstorage(CCS)+++-TotalemissionsfromtheuseofRFNBOs(gCO2eq/MJfuel)==%ofGHGsavingsfromRFNBOscomparedtofossilfuel:TotalemissionsfromtheuseofRFNBOs(gCO2eq/MJfuel)LinkedtoREDOverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureEuropeanNetZeroIndustryActTheActisalegalframeworkofmeasuresfocusedonstrengtheningEurope’sNetZerotechnologyproductsmanufacturingecosystem.TheobjectiveoftheActistofacilitatetheachievementofatleast40%ofannualdeploymentneedsforstrategicNetZerotechnologiesmanufactured(suchaselectrolyserandCCStechnologies)intheEUby2030.33Source:EuropeanCommissionBacktopolicyoverviewImplicationfortherenewablehydrogenmarket:theActsupportsthescalabilityoftherenewablehydrogensupplychainbyincreasingandsimplifyingaccesstopublicfundsforNetZerotechnologiescriticaltorenewablehydrogenproductionsuchasrenewableenergytechnology,electrolysers.TheexpectedacceleratedgrowthofthesestrategictechnologiesinturnreducestheriskforEuropeanproducersoflackingthematerialsrequiredtoproducerenewablehydrogen.Enablingconditionsfornet-zerotechnologymanufacturingSimplifyingpermit-grantingprocessesandgivingprioritytoNetZeroStrategicProjectsforforthe8StrategicNetZerotechnologies.CO2injectioncapacityEstablishingtheEUobjectiveofreaching50MtofannualCO2storagecapacityby2030andintroducingrequirementsfortheoilandgasproducerstocontributetothisgoal.AccesstomarketsBoostingdiversificationforNetZerotechnologiesbyintroducingsustainabilityandresiliencecriteriainpublicprocurementandauctionprocesses,aswellasactionstosupportprivatedemand.Skillsforqualityjobcreationinnet-zerotechnologiesEstablishingspecialisedEuropeanskillsAcademiestoreskillandupskillworkersrequiredfornet-zerotechnologyindustries.InnovationSettingupregulatorysandboxestotestinnovativeNetZerotechnologiesinacontrolledwayforalimitedtimeperiod.Net-ZeroEuropePlatformAllowingtheEuropeanCommissiontocoordinatetheaboveactionsjointlywithMemberStates.TheNetZeroIndustryActlegalframeworkisbuilton6pillars:Focuson8strategicNetZerotechnologies:1.Solarphotovoltaicandsolarthermaltechnologies2.Onshorewindandoffshorerenewables3.Batteriesandstorage4.Heatpumpsandgeothermalenergy5.Electrolysersandfuelcells6.Sustainablebiogas/biomethane7.Carboncaptureandstorage(CCS)8.GridtechnologiesCCSLinkedtoGDindustrialPlanOverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureCriticalRawMaterialActWhiledemandforcriticalrawmaterialsisprojectedtoincreasedrastically,Europeheavilyreliesonimports.TheEUneedstomitigatesupplychainrisksrelatingtosuchstrategicdependenciesinordertoenhancethebloc’seconomicresilience.34Investinginresearch,innovationandskillsEstablishingalarge-scaleskillspartnershiponcriticalrawmaterialsandthefutureRawMaterialsAcademywillpromoteskillsrelevanttotheworkforce.ImprovingcircularityandsustainabilityofCRMImprovingthecollectionofcriticalrawmaterialsandensureitsrecyclingintosecondarycriticalrawmaterials.EnsuringthattheEUcanmitigatesupplyrisksPerforminganauditforCertainlargecompaniesoftheirstrategicrawmaterialssupplychains,comprisingacompany-levelstresstest.CreatingsecureandresilientEUcriticalrawmaterialssupplychainsSelectingstrategicprojectstoexploregeologicalresourceswillbenefitfromsupportforaccesstofinanceandshorterpermittingtimeframes.InternationalengagementStrengtheningEUglobalengagementwithreliablepartnerstodevelopanddiversifyinvestmentandpromotestabilityininternationaltrade.SettingclearprioritiesforactionSettingupFor2030,nomorethan65%oftheUnion'sannualconsumptionofSRMmustcomefromasinglethirdcountry.Source:EuropeanCommission;EuropeanCommission:RMIS-RawMaterialsInformationSystemBacktopolicyoverviewImplicationfortherenewablehydrogenmarket:TheActlimitstheriskofbottlenecksinthesupplyofkeyrawmaterials(suchasscandium)forelectrolysermanufacturingbyenablingresilienceindiversifyingthecountriesofimportandpossiblyhavingadomestic(EU)rawmaterialsmarket.Internalandinternationalactionsaredefined:•Aluminum•Boron•Cobalt•Copper•Helium•HeavyRareEarthElements•LightRareEarthElements•Lithium•Magnesiummetal•NaturalGraphite•Nickel•RareEarthElementsformagnets•Siliconmetal•Scandium•…Focuson34criticalrawmaterialsand16strategicrawmaterials(FulllistinAnnexII):LinkedtoGDindustrialPlanOverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureEuropeanHydrogenBankTheEuropeanHydrogenBankaimstosupportandaccelerateinvestmentinordertofacilitateprogresstowardstheREPowerEUtargets.Acompetitivebiddingmechanismcomplementarytotheexistinggrantprogrammesisproposed.35Streamliningexistingfinancialinstruments:StreamliningaccesstoEUfundingprogrammessuchastheEuropeanRegionalDevelopmentFund(ERDF),theJustTransitionFundandtheInvestEUFund.Ensuringtransparencyandcoordination:Increasingtransparencyoftransactionsbydevelopingpricebenchmarks,supportinginfrastructureplanningandprovidingtransparencyoninfrastructureneeds.BoostingEUhydrogenproduction:CoveringandloweringthecostgapbetweenrenewablehydrogenandfossilfuelsbyproposinganauctionsystemforrenewablehydrogenproducersundertheEUInnovationFund,effectivelyprovidingapremiumofftakeprice.FacilitatingImportstotheEU:SupportingEUPartnerCountriesintheirgreentransitioneffortsandexploringthepossibilitytoofferagreenpremiumforrenewablehydrogenimportsviaasimilarauctionsystemasusedforthedomesticEUmarket.TheFourPillarsoftheEuropeanHydrogenbank:FinalworkshopauctiondesignMay2023DetailsontheAuctionsystemforrenewablehydrogenproducers.Source:CommunicationonEuropeanHydrogenBank;Publicationofterms,conditionsandguidelinesSummer2023LaunchofpilotauctionAutumn2023EvaluationofauctionsystemNextProposedauctionsystemMarch2023(confirmedinsummer2023):•Supply-sidestaticauction:fixedpremiumbids(fixedpricepaymentperkgofhydrogenproduced)foramaximumof10yearsofoperation•Indicativebudgetforfirstauction:€800millionfromtheInnovationFundBacktofundingoverviewTimeline:Objective:De-risktherenewablehydrogenmarketbyloweringthecostgapbetweenrenewablehydrogenandthefossilfuelsitcanreplace.OverarchingStrategicVisionPolicyFrameworkLegislationKEY:FinancialInstrumentPublic-PrivatePartnershipsIncollaborationwithAccentureVersion:July2023PreviousNextTableofcontentWorldEconomicForumincollaborationwithAccentureAlphabeticalListofAcronymsAcronymDescriptionCBAMCrossBorderAdjustmentMechanismCCSCarbonCaptureandStorageCSRDCorporateSustainabilityReportingCRMCriticalRawMaterialsERDFEuropeanRegionalDevelopmentFundEUEuropeanUnionEU-ETSEuropeanUnionEmissionsTradingSystemFIDFinalInvestmentDecisionGHGGreenhouseGasEmissionsGOGuaranteeofOriginIPCEIImportantProjectsofCommonEuropeanInterestLCOHLevelisedCostofHydrogenLNGLiquefiedNaturalGasNZINetZeroIndustryAcronymDescriptionPPAPowerPurchaseAgreementR&DResearchandDevelopmentREDRenewableEnergyDirectiveRFNBORenewableFuelsofNon-biologicalOriginRERenewableEnergySRMStrategicRawMaterialsTBDToBeDefined36WorldEconomicForumincollaborationwithAccentureVersion:July2023Acknowledgments:Theupdateddocument(2023)wasauthoredby:•NoamBoussidanandJörgenSandströmfromtheWorldEconomicForum•MelissaStark,CatherineO’Brien,JérémieYves,AstridLebrunandWilliamBossutfromAccentureTheoriginaldocument(2022)wasauthoredby:•NoamBoussidanfromtheWorldEconomicForum•MelissaStark,CatherineO’BrienandWilliamHoarefromAccenture•HeribBlanco,EmanueleBianco,BarbaraJinksandJeffreyLufromIRENATheEnablingMeasuresRoadmapsforRenewableHydrogenbenefitedfromthereviewsandcommentsofexpertsfromtheWorldEconomicForum’sAcceleratingCleanHydrogenInitiativeandAccenture’sGlobalNetwork.TheWorldEconomicForumandAccenturewouldliketothankallthoseinvolvedintheconsultationprocess.37WorldEconomicForumincollaborationwithAccentureVersion:July2023InitiativeOverviewAbouttheWorldEconomicForumTheWorldEconomicForum,committedtoimprovingthestateoftheworld,istheInternationalOrganizationforPublic-PrivateCooperation.TheForumengagestheforemostpolitical,businessandotherleadersofsocietytoshapeglobal,regionalandindustryagendas.AboutAccentureAccentureisaglobalprofessionalservicescompanywithleadingcapabilitiesindigital,cloudandsecurity.Combiningunmatchedexperienceandspecializedskillsacrossmorethan40industries,weofferStrategyandConsulting,Interactive,TechnologyandOperationsservices—allpoweredbytheworld’slargestnetworkofAdvancedTechnologyandIntelligentOperationscentres.Our760,000peopledeliveronthepromiseoftechnologyandhumaningenuityeveryday,servingclientsinmorethan120countries.Weembracethepowerofchangetocreatevalueandsharedsuccessforourclients,people,shareholders,partnersandcommunities.ThisdocumentispublishedbytheWorldEconomicForum,incollaborationwithAccenture,asacontributiontoaproject,insightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders,norAccenture.38
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