In its first week of the new mandate, the European Commission has unveiled a significant commitment of €4.6 billion to advance various clean technologies and drive the transition towards net-zero emissions. The funds, allocated under the Innovation Fund, will target areas such as EV battery cell manufacturing, renewable hydrogen production, and overall decarbonisation efforts. The Commission is set to launch calls for proposals totaling €3.4 billion to facilitate the deployment of decarbonisation technologies, with a focus on electric vehicle batteries. Moreover, a second auction of the European Hydrogen Bank will provide €1.2 billion to boost the production of renewable hydrogen in the European Economic Area, supported by both EU funds and contributions from Member States. The initiative aims to support producers of hydrogen categorized as Renewable Fuel of Non-Biological Origin. Additionally, the Commission is collaborating with the European Investment Bank to bolster investments in the EU's battery manufacturing sector with a €200 million top-up to the InvestEU program. This partnership seeks to address financing challenges and promote innovation in the European battery value chain. The ambitious funding plans demonstrate the Commission's dedication to achieving decarbonisation objectives and enhancing European industrial competitiveness in crucial sectors. The allocated budgets and collaborations emphasize the EU's commitment to fostering innovation and sustainability across various industries, including renewable energy, electric vehicles, and hydrogen production.