European Green Deal Proposal Boosts Palladium Prices
APMEX
7/9/2020 1:46:56 PM
European Green Deal Increases Palladium Prices
Europe's most influential global organization, the European Commission, has earmarked the energy transition as one of the most important topics for the coming years. The European Green Deal is one of its most bold plans to mobilize nearly €1 trillion in public-private investments over the next decade. Recently the highly anticipated hydrogen strategy was leaked, revealing how Europe's top policymakers intend to expand the fuel's value chain from production to transportation, storage, and consumption.
A central theme in Europe's sustainability effort is the decarbonization of its industry, which requires high temperatures currently produced by burning coal and natural gas. Hydrogen is extremely promising as it is applicable throughout the energy value chain. Currently, the European hydrogen economy boasts of €2 billion. The European Commission has set a goal of €140 billion by 2030.
Nearly 85% of Palladium ends up in catalytic converters in car exhausts, where it helps turn toxic pollutants into less-harmful carbon dioxide and water vapor. Palladium prices are seeing a modest boost mid-Thursday, gaining nearly $30 to $2,023 an ounce.
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