The European Commission has selected 15 renewable hydrogen production projects in the European Economic Area (EEA) for public funding, aiming to boost the development of renewable hydrogen production across Europe. These projects, located in five countries, are set to produce approximately 2.2 million tonnes of renewable hydrogen over the next decade, leading to a reduction of over 15 million tonnes of CO2 emissions. The funding of €992 million from the Innovation Fund, sourced from the EU Emissions Trading System (ETS), will support these projects. The renewable hydrogen will be utilized in various sectors such as transportation, the chemical industry, methanol, and ammonia production. The selected projects, awarded after the European Hydrogen Bank (EHB) auction, will receive subsidies to bridge the cost gap between production and market price, facilitating the adoption of cleaner fuels. This initiative aims to substitute natural gas, coal, and oil with renewable hydrogen in challenging-to-decarbonize industries and transportation, enhancing the EU's energy independence and contributing to security, job creation, and industry decarbonization. The projects are committed to producing renewable hydrogen with fixed premium support, with a focus on various sectors including the maritime industry. Spain, Lithuania, and Austria are also channeling up to €836 million in national funding to support renewable hydrogen projects within their territories through 'Auctions-as-a-Service.' The projects are expected to reach financial close within two and a half years, with production commencing in 5 years, and subsidies continuing for up to 10 years. The European Hydrogen Bank's upcoming auction in 2025 with a budget of €1 billion, and the launch of the Hydrogen Mechanism, will further support the renewable hydrogen market. The Innovation Fund plays a vital role in incentivizing investments in net-zero technologies, aligning with Europe's transition to climate neutrality. By promoting domestic and imported renewable hydrogen production, the EU aims to achieve 10 million tonnes of domestic renewable hydrogen by 2030, fostering private investments and connecting the supply chain to consumers. The recent auction results and initiatives indicate a growing confidence and vitality in Europe's renewable hydrogen industry, crucial for achieving climate goals in a cost-effective manner.