The European Commission has granted €992 million to 15 renewable hydrogen projects in Germany, Spain, Finland, Norway, and the Netherlands. This investment aims to generate 2.2 million tons of renewable hydrogen over the next decade, effectively offsetting 15 million tons of CO₂ emissions. The initiative is part of the European Hydrogen Bank auction program and aligns with the EU's ESG objectives and its ambition to achieve carbon neutrality by 2050. The focus on renewable hydrogen production is crucial in decarbonizing hard-to-abate sectors like heavy industry and transport, where conventional renewable energy sources have limitations. Green hydrogen, produced through electrolysis powered by renewable sources, requires substantial investments in infrastructure and technology. The funding is a significant step towards the EU's goal of scaling up domestic renewable hydrogen production to 10 million tons as part of the 2022 Hydrogen Accelerator strategy. By narrowing the price difference between green and fossil-based hydrogen, the initiative encourages private investment and market expansion. Future plans involve a €1 billion EHB auction in 2025 and the introduction of a Hydrogen Mechanism platform to connect producers and buyers. EU Commission Vice-President Teresa Ribera emphasized the importance of these initiatives in strengthening the renewable hydrogen market, supporting climate neutrality, enhancing energy independence, and fostering green job opportunities. These efforts highlight renewable hydrogen's pivotal role in Europe's long-term ESG strategy and transition towards a carbon-neutral future.