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Itaguaí Will Receive Billion-Dollar Investments to Produce Green Hydrogen. Considered the Fuel of the Future, H2V Promises to Be the Solution for Reducing CO2 Emissions.
In line with the discussions at the COP28, held in Dubai in November 2023, the city of Itaguaí has just taken an important step in the search for technological solutions that can contain global warming. The city hall signed a historic document to produce green hydrogen, considered the fuel of the future.
Itaguaí Will Receive an Investment of 4 Billion Euros to Produce Green Hydrogen
The Itaguaí city hall signed a document known as Non Circumvention and Non Disclosure Agreement (NCNDA, a common clause in international agreements), with the ISCM Foundation, a non-profit organization based in Brussels, Belgium, to establish a green hydrogen (H2V) production plant in the city, the main alternative for reducing the release of greenhouse gases.
The next step, expected to occur in the coming weeks, is the formalization of the Memorandum of Agreement (MOA). The ISCM Foundation will then conduct a feasibility study for the project covering all costs. According to Gustavo Medina, representative of ISCM in Brazil, structuring the project is expected to take two years.
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According to Itaguaí’s mayor, Rubens Vieira, this project to produce green hydrogen, the fuel of the future, plans to inject 4 billion euros (about R$ 21 billion) over the coming decades and will position the city as one of the leaders in the global energy revolution. Itaguaí will be the first city in the State of Rio de Janeiro to negotiate a project of this magnitude at the municipal level.
The Fuel of the Future Will Bring Several Benefits to Itaguaí
The fundraising for the implementation of the project aimed at producing green hydrogen is the responsibility of ISCM Investments, the foundation’s financial arm.
The Itaguaí City Hall will bear no costs, and its role is the necessary institutional support to obtain licenses and permits for the companies that will manage the future green hydrogen venture. According to Antonio Marcos Barreto, Secretary of the Environment, Climate Change, and Animal Welfare in Itaguaí, the moment is excellent for applying technology in favor of innovation.
According to Rubens Vieira, this is an industrial complex entirely focused on the production and sale of the fuel of the future, which will provide a prosperous future for the municipality.
The company is committed to the project, which will ensure clean water and jobs for multiple generations in the city. By playing an essential role in the country’s energy transition, Itaguaí will contribute to the global decarbonization, in addition to generating thousands of jobs and bringing many social improvements to the city.
Get to Know ISCM
The ISCM is a non-profit foundation working in various cities around the world, focusing on investments in sustainable projects, bringing innovation and technology while ensuring the development of socio-environmental welfare programs.
Registered with the UN and a member of the European Hydrogen Alliance, the ISCM Foundation already has green hydrogen plants underway in, for example, five cities in Mexico and other cities in South Africa.
At the COP28, held in Dubai in November 2023, the need for the production of renewable energies and technological solutions capable of containing global warming became clear.
In this context, green hydrogen (H2V) emerges as the main alternative for reducing greenhouse gases (GHGs). It is worth mentioning that Brazil is preparing to lead the global production of green hydrogen (H2V), marking a significant shift towards a green economy with this fuel of the future.
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