The European Commission, alongside Spain, Lithuania, and Austria, has unveiled €2 billion in funding to accelerate renewable hydrogen production through the Innovation Fund. This includes €1.2 billion in EU funds and over €700 million from national budgets. The funding is part of the second European Hydrogen Bank auction, launching on December 3, under the Auctions-as-a-Service scheme.

The initiative aims to enhance renewable hydrogen's role in decarbonizing hard-to-abate industrial sectors, with Lithuania allocating €36 million from its Modernisation Fund to reach its target of 1.3 GW electrolysis capacity and 129 kilotonnes of hydrogen production by 2030. MaroÅ¡ Å efčovič, Executive Vice-President for the European Green Deal, praised the participating nations' leadership and called for more countries to join these efforts.

This funding underscores the EU's commitment to expanding its renewable hydrogen market and achieving clean energy goals.

Source: ceenergynews.com