Hydrogen has enormous investment potential and represents a good business opportunity for companies in Montenegro.
This was assessed at a meeting on the presentation of the Green Hydrogen Strategy project, organized by the Ministry of Energy and Mining in collaboration with the Chamber of Economy of Montenegro on February 20th.
Namely, at the request of the Ministry of Energy and Mining, the drafting of the Green Hydrogen Strategy has begun, supported by GIZ, i.e., the Government of Germany through the International Climate Initiative (IKI) program. This program supports the development of processes, methodologies, and instruments for long-term decarbonization planning and integration of climate and economic goals of transformation with significant potential for sustainable and climate-friendly development. The project contributes to the achievement of climate and energy goals stated in the Paris Agreement, Sofia Declaration, and the Green Agenda for the Western Balkans, of which Montenegro is a signatory.
“The introduction of hydrogen would contribute to Montenegro’s energy evolution as an internationally recognized potential energy hub, through a comprehensive assessment and analysis of hydrogen potential and the establishment of a clear vision for the use of this energy carrier. The intention of this project is to create a policy for the gradual replacement of fossil fuels, stimulating industrial development, international cooperation in this field, and supporting the sustainable development plan of our country,” was the message conveyed at the meeting.
As stated, hydrogen is a dominant topic globally, perceived as a future that needs to be built in stages.
“Hydrogen is an achievable potential for sustainable development and should be introduced into the energy and legislative system, affirmed by state incentives, while the economy can participate in this area as a producer and user of this resource to create additional value,” it was announced.
Business representatives emphasized that currently, there is no infrastructure for hydrogen storage in Montenegro, nor its users, but green hydrogen represents a good investment potential in the period ahead.
“Electricity from hydrogen is currently more expensive than from other sources, but over time, its production cost will decrease, and sales will increase. The application of hydrogen energy is expected in the future, among other things, in the metal industry and transportation. Europe strongly supports the hydrogenation of energy, and Montenegro will strive to attract funds from its funds, for which the precondition is the creation of a Strategy and legislation, as well as the application with projects related to green hydrogen,” was the message conveyed at the meeting.
The meeting was opened by the Secretary of the Committee of the Association of Energy and Mining of the Chamber of Economy, Ranko Vukmirović, and in addition to representatives of the economy, representatives of the Ministry of Energy and Mining, consultants engaged in drafting the Strategy, as well as domestic experts who are members of the consulting team, participated in the event.
