The European Commission is set to launch a third project call under the European Hydrogen Bank initiative in 2025 with a substantial budget of €1 billion. This initiative aims to bolster hydrogen production, a crucial component of the EU's decarbonisation strategy. The move comes after the recent closure of the second auction of the Hydrogen Bank, indicating a concerted effort towards reducing the cost of green hydrogen production, which is on a downward trend. Market assessments in Germany show promising results with a notable decrease in the cost of green hydrogen production. Additionally, the Commission is working on a regulatory framework for low-carbon hydrogen and introducing a hydrogen demand mechanism to foster connections between producers and buyers. Despite facing stiff international competition and pressure for regulatory revisions, the EU remains committed to advancing hydrogen technology to drive the energy transition and achieve decarbonization goals.