The European Commission has allocated EUR 1.2 billion for the second auction of renewable hydrogen under the European Hydrogen Bank mechanism, with a portion designated for maritime transportation. The IF24 auction, operating through the Innovation Fund, aims to financially support producers of renewable hydrogen classified as renewable fuel of non-biological origin (RFNBO). The auction, scheduled to begin on December 3, targets producers within the European Economic Area (EEA) to foster a European market for renewable hydrogen. Selected beneficiaries will receive fixed premiums over a maximum of ten years. The criteria for the auction now include safety, cybersecurity, and resilience requirements in line with the Net Zero Industry Act. Notably, projects must restrict sourcing of equipment from China to 25% per project to mitigate dependency risks. The Innovation Fund also provides grants, financing, and technical assistance for renewable hydrogen projects. In parallel, the European Commission is drafting a delegated act to define low-carbon hydrogen and fuel evaluation methodologies, encompassing blue and pink hydrogen categories. Blue hydrogen is produced from fossil gas with carbon capture and storage, while pink hydrogen involves electrolyzers powered by nuclear energy. The draft aims to ensure at least 70% fewer emissions than the replaced source to qualify as low-carbon hydrogen. The final act will be enforced unless contested by the Council of the EU or the European Parliament.