The European Commission (EC) has initiated its second auction under the European Hydrogen Bank, utilizing €1.2 billion sourced from EU Emissions Trading System (ETS) revenues to bolster renewable hydrogen production ventures within the European Economic Area (EEA). The auction, operational from December 3, 2024, to February 20, 2025, signifies a substantial €400 million increase from its precursor and is focused on fostering Renewable Fuel of Non-Biological Origin (RFNBO) hydrogen projects. Within the budget, €1 billion is earmarked for supporting general renewable hydrogen production, while €200 million is specifically dedicated to projects with off-takers in the maritime industry. Additionally, the EC introduces an innovative Auctions-as-a-Service approach, facilitating Member States such as Spain, Lithuania, and Austria to utilize national funds in assisting projects not chosen in the auction, thereby eliminating the necessity for individual national auctions. This strategic move builds on the triumph of the initial auction held in 2023, which drew interest from 132 bids spanning 17 countries and granted €720 million to seven selected projects. The undertaking underscores the EU's unwavering dedication to advancing renewable hydrogen as an integral component of its energy transition strategy and climate targets.