The European Commission has recently announced the selection of 15 green hydrogen projects for funding through the second European Hydrogen Bank auction. This selection comes following a competitive tender process that attracted 61 bids, amounting to €4.8bn in total requests, far exceeding the available budget of €1.2bn. These projects will be financially supported by the Innovation Fund, which is financed through the EU Emissions Trading System. Once operational, the projects are projected to collectively produce almost 2.2 Mt of renewable hydrogen over the course of a decade. The chosen projects are spread across several European countries, with Spain leading with eight projects, followed by Norway, Germany, Finland, and the Netherlands. To receive their fixed premium subsidy for a maximum of 10 years, these projects must achieve financial closure within 2.5 years and commence production within 5 years of signing their grant agreements. The Innovation Fund, with a substantial budget of €40bn, serves as a critical financial tool to encourage investments in state-of-the-art net-zero technologies, playing a vital role in supporting Europe's journey towards climate neutrality. This initiative underscores the EU's commitment to fostering sustainable practices and driving innovation in the renewable energy sector, with the past success of the Innovation Fund evident in the €700m grants awarded to 6 projects during its inaugural auction in 2023.