The European Union and Chile announced two new cooperation actions that will contribute to the development of the renewable hydrogen industry in Chile:

• “Team Europe Project for the Development of Renewable Hydrogen in Chile”: a technical assistance program that will strengthen the conditions for the promotion of the renewable and sustainable hydrogen economy in Chile. The project has a budget of 4 million euros from the European Union, to be supplemented by another 4 million euros from the German Federal Ministry of Economics and Climate Protection (BMWK)

• “Team Europe Renewable Hydrogen Fund in Chile”: a joint initiative of the European Investment Bank (EIB) and the German Development Bank (KfW), led by the Delegation of the European Union to Chile, which will channel funding for the development of projects for the production and use of renewable hydrogen. This Fund is a project financing mechanism that combines a EUR 16.5 million grant from the European Union’s Latin America and Caribbean Investment Facility (EU LACIF), and 200 million euros in loans from the European Investment Bank and KfW (each contributing 100 million euros).