The European Commission has given the green light to a €3bn scheme proposed by Germany and the Netherlands to import green hydrogen from non-EU countries. The H2Global double auction initiative aims to purchase green hydrogen at low costs and sell it at higher prices within the EU. This project is expected to support the global construction of nearly 1.9GW of electrolysis capacity. Through a competitive bidding process, the scheme will aim to meet the demand for renewable fuels of non-biological origin (RFNBOS) from 2030 onwards, resulting in an estimated 5.73 million tonnes of CO2e being avoided. Projects with electrolyser capacity of 5MW or higher can participate in the tenders, which will be organized on a multi-regional basis. The EU's criteria for RFNBOS, including rules for additionality and renewable energy grid matching, must be met by successful projects. The European Commission believes that by supporting only the most cost-effective projects, this scheme will reduce costs for taxpayers and minimize competition distortions. The first contract under H2Global was awarded to Fertiglobe for the production of green ammonia in Egypt. Overall, this initiative showcases a positive step towards promoting green hydrogen and reducing carbon emissions in the EU.