At a joint conference, Chilean Ministers of Finance, Mario Marcel; Energy, Diego Pardow; and Economy, Nicolás Grau, together with the Executive Vice President of the Corporation for the Promotion of Production (Corfo), José Miguel Benavente, presented the Green Hydrogen Development Fund. This initiative, which will allocate $1 billion to the development of green hydrogen, marks a significant milestone in Chile’s efforts to move towards a more sustainable and decarbonized economy.

The Green Hydrogen Development Fund has three main objectives. First, it will provide long-term, favourable financing to boost the development of green hydrogen projects. This will allow the actors involved in this industry to access the financial resources necessary to carry out their initiatives and promote innovation in the sector.

The Green Hydrogen Development Fund is scheduled to begin operations in the second half of 2024. Its implementation seeks to foster national demand and promote private investment in the sector, through financial instruments that reduce costs and mitigate the risks associated with the green hydrogen industry in Chile. This initiative demonstrates the country’s commitment to moving towards a more sustainable and decarbonised future, taking advantage of the economic and environmental opportunities offered by green hydrogen.