The statement was signed in Seoul on 10 April by British Energy Security Secretary Grant Shapps and South Korean Trade, Industry and Energy Minister Lee Chang-yang.

Green Hydrogen is a key energy vector that can assist Europe reach climate change targets as it enables massive decarbonization of industry heat, power generation and transport sectors.

Two camps, one led by Germany and the other by France, are fighting it out, each with a blocking minority on a specific point: Should low-carbon hydrogen be taken into account when measuring the efforts of member states to reach the target of 45% of renewables in their energy mix by 2030?

Germany suffered the most among EU member states from the Russian supply curtailments, with a number of buyers forced to buy expensive gas on the open market to make up for the Russian shortfall.

Renewable generation capacity increased by 295 GW (+9.6%) in 2022. Solar energy continued to lead capacity expansion, with a massive increase of 192 GW (+22%), followed by wind energy with 75 GW (+9%). Renewable hydropower capacity increased by 21 GW (+2%) and bioenergy by 8 GW (+5%). Geothermal energy increased by a very modest 181 MW.

After excluding 7 bids due to formal errors, the regulator selected 119 proposals with prices ranging between €7.24c/kWh and the maximum permissible value of €7.35c/kWh. The volume-weighted average reached €7.34c/kWh (+25% compared to the previous round).

The Indian conglomerate Essar has announced that it will invest US$3.6bn in the United Kingdom and in India over the next five years through a new entity, named Essar Energy Transition (EET), with the goal to drive decarbonisation.

Current hydrogen production technologies release significant carbon emissions, and up until now, cost has limited expansion to green hydrogen technologies.

The high demand for lithium-ion batteries has translated into shortages of lithium along with shortages of other essential commodities like copper, aluminum, nickel and cobalt.

Germany targets 30 GW of offshore wind by 2030. The country had 7.7 GW of offshore wind installed capacity at the end of 2021.