The European Commission (EC) has disclosed the final terms and conditions for its upcoming renewable hydrogen auction, the IF24 Auction, under the Innovation Fund. This auction, a key initiative of the European Hydrogen Bank (EHB), is designed to provide financial backing to producers of renewable hydrogen classified as renewable fuel of non-biological origin. Set to commence on December 3, 2024, the auction will distribute a substantial sum of up to €1.2 billion to renewable hydrogen producers operating within the European Economic Area (EEA). Successful bidders will be entitled to a fixed premium in euros per kilogram of hydrogen produced, with the possibility of support for a decade. The EC emphasized that assistance from the Innovation Fund will help bridge the gap between the production costs of renewable hydrogen and the prices acceptable to buyers. The updated terms introduce stronger resilience requirements and a fresh evaluation criterion focusing on safeguarding essential goods, reinforcing Europe’s industrial supremacy and competitiveness. Moreover, the EC is dedicated to ensuring the safety of production processes in Europe by implementing mandatory safety and cybersecurity protocols. Notable features of the new Terms & Conditions include heightened maturity level prerequisites for applications, a revised maximum price, and a dedicated €200 million budget for projects targeting the supply of renewable hydrogen to the maritime sector. The inaugural auction under the EHB, launched in November 2023, attracted significant interest with 132 bids from 17 European countries. Out of these, 119 proposals met the eligibility criteria, and the European Climate, Infrastructure, and Environment Executive Agency (CINEA) conducted evaluations based on bid prices, ultimately selecting seven renewable hydrogen projects in April 2024. Additionally, the EC has commenced a four-week consultation phase to gather input on a draft delegated act outlining the methodology for evaluating emission savings of low-carbon hydrogen and fuels. This draft aligns with the updated EU hydrogen and gas market legislation and aims to complement existing regulations concerning renewable hydrogen and RFNBOs. The feedback obtained will shape the final version of the delegated act, which will be presented to the European Parliament and the Council of Ministers for a two-month review process. If no objections surface, the act will be officially published and implemented. The EC recognizes the importance of low-carbon fuels in the energy transition due to their reduced emissions compared to conventional fossil fuels, facilitating the adoption of renewable alternatives.