The European Commission has unveiled plans to fund 15 renewable hydrogen production projects in Spain, Finland, Germany, the Netherlands, and Norway. These projects are expected to collectively generate nearly 2.2 million tons of renewable hydrogen over a decade, contributing significantly to emission reductions by avoiding more than 15 million tons of CO2. The funding for these projects, amounting to €992 million, will be sourced from the EU’s Innovation Fund, which is supported by the Emissions Trading Scheme. The projects were selected through the European Hydrogen Bank (EHB) auction, emphasizing the European Union's commitment to fostering a robust renewable hydrogen market to achieve climate neutrality effectively. By promoting the integration of renewable hydrogen in the energy mix, these initiatives aim to displace traditional fossil fuels in challenging decarbonization sectors. Furthermore, 12 of the chosen projects will receive fixed support ranging from €0.20 to €0.60 per kilogram of hydrogen production. Noteworthy is the allocation of a specific budget for projects serving offshore customers, reflecting the auction's inclusive approach. The projects are anticipated to demand prices between €0.45 and €1.88 per kilogram. The European Hydrogen Bank plays a pivotal role in facilitating both domestic and imported renewable hydrogen production, aligning with EU sustainability standards. It seeks to boost investments, address financing gaps, and link renewable hydrogen suppliers with consumers to support the REPowerEU plan's objective of producing 10 million tons of domestic renewable hydrogen by 2030. In addition to the EU-funded projects, countries like Spain, Lithuania, and Austria are set to allocate €836 million in funding through the Auctions-as-a-Service mechanism. This initiative enables member states to identify and finance eligible hydrogen projects, contributing to the overall expansion of renewable hydrogen generation within the EU.