26 July 2023 – According to data released yesterday, the US housing market continued to recover in May. And German hydrogen strategy is to be revised after more than two years of not even reaching 1.6% of the 5 GW green H2 expansion target by 2030, whether it can succeed?
US housing market continues to recover
According to data released yesterday, the U.S. housing market continued to recover in May. The S&P/Case-Shiller home price index, which measures home prices in 20 metropolitan areas across the U.S., rose 1.5% from the previous month, marking the fourth consecutive month of gains. Analysts had expected an increase of only 1.2%.
Housing market much stronger than expected
Home prices are now just 2.1% below the peak reached in June 2022. The single-family home price index, compiled by the Federal Housing Finance Agency (FHFA), also rose 0.7% from the previous month, which was much stronger than analysts had expected. Considering the peaking of the prime rate, the recovery could be perpetuated.
German green hydrogen strategy – nothing but announcements since 2020
It has recently become clear that the German Hydrogen Strategy, which was adopted under the former Federal Minister of Economics Peter Altmaier, CDU, was nothing more than a fig leaf. Nothing has happened since June 2020. Not even the then expansion target for hydrogen generators with a total capacity of 5 GW by 2030 has been rudimentarily achieved. In 2022, just 0.08 GW of the 5 GW target had been reached – which corresponds to about 1.6%.
Now it should be 10 GW by 2030
It is good that five German ministries have now agreed to build 10 GW of green hydrogen capacity in Germany by 2030. Then instead of 125 years to reach the 5 GW, it will now be 250 years to reach the 10 GW capacity – so we are fully on target for 2030, or where is the miscalculation here?
It is good that figures are now also available for the demand for hydrogen for the maritime industry in Germany. The 3.5 million tons of green H2, or the equivalent of 120 TWh of required energy, are now added to this.
Can German government deliver?
Now it is time for the Green Federal Minister of Economics, Robert Habeck, and the other ministers of the current German government to deliver. Not just empty words, but concrete measures. And take into account that cash gifts to large corporations like thyssenkrupp steel europe are not enough to bring about change. Concrete legal obligations are needed. But then the steel hammer will presumably be brought down again.
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