Germany to invest around $10 billion in hydrogen projects

Germany will invest more than 8 billion euros ($9.74 billion) to fund large-scale hydrogen projects, the Economy and Transport ministries said on Friday, in a step to scale up hydrogen as an alternative to fossil fuels to meet climate targets.

The 62 German projects, supporting chemical, steel and transport industries, are part of a joint European hydrogen project called Hydrogen-IPCEI, the ministries added.

"The fact is: we must and WANT to urgently promote the switch to climate-friendly mobility," said Transport Minister Andreas Scheuer in a statement.

Germany is trying to accelerate its shift to clean energy after a landmark ruling last month from the country's top court pushing for more ambitious CO2 reduction targets.

Green hydrogen is a zero-carbon fuel made by electrolysis, using renewable power from wind and solar to split water into hydrogen and oxygen.