The European Commission recently announced the final Terms and Conditions for the IF24 Auction, a pivotal step in promoting renewable hydrogen production within the European Economic Area. This auction, facilitated by the Innovation Fund, aims to provide financial backing to producers of Renewable Fuel of Non-Biological Origin (RFNBO) as part of the European Hydrogen Bank (EHB) initiative. With an allocated budget of up to €1.2 billion, the IF24 Auction is set to open on 3 December 2024, following the success of the previous year's pilot auction (IF23 Auction). The IF24 Auction seeks to bolster the development of a robust European market for renewable hydrogen by mitigating investment risks through public financial support. Successful bidders will benefit from a fixed premium based on the amount of renewable hydrogen produced over a maximum of ten years, filling the gap between production costs and market prices to attract off-takers. The Terms and Conditions of the auction have been updated to include new resilience requirements, emphasizing the achievement of security of supply, industrial leadership, and competitiveness, aligning with the Net-Zero Industry Act's objectives. Additionally, the revised T&Cs feature higher maturity level requirements for applications, a new price ceiling, and a dedicated budget of €200 million for projects supplying renewable hydrogen to off-takers in the maritime sector. The Innovation Fund, funded by revenues from the EU Emissions Trading System, plays a crucial role in enabling businesses to invest in clean energy and deploy innovative technologies, supporting the decarbonization of European industries. The IF24 Auction is part of a broader strategy to stimulate investments in renewable hydrogen production, alongside the European Hydrogen Bank, which addresses the investment gap to achieve ambitious renewable energy targets. By combining auctions with other support mechanisms, the Innovation Fund aims to enhance transparency, promote market development, and reduce administrative burdens for applicants in the renewable energy sector.