The ETS Innovation Fund, fully funded by the Emission Trading System, is a significant driver of decarbonization in Europe, focusing on innovative low-carbon technologies and flagship projects. With a total funding potential of €40 billion from 2020 to 2030, the fund supports projects that bring about substantial emission reductions in various industries. Notably, the Innovation Fund has been instrumental in supporting the hydrogen sector, providing around 2.5 billion euros since 2020. Through mechanisms like calls for proposals and competitive auctions, the Fund aims to accelerate the adoption of renewable energy, storage, and CCUS technologies. The Hydrogen Bank, supported by the Innovation Fund, uses 'pay-as-bid' auctions to subsidize renewable hydrogen production, facilitating price discovery and market-driven pricing. The success of the auction model lies in its ability to streamline decision-making, accelerate project execution, and promote cost-effective and innovative solutions. The IF24 Auction marks significant changes to further enhance Europe's position in the hydrogen economy. With revised objectives, increased funding for RFNBO hydrogen production, and a dedicated budget for maritime projects, the Fund aims to drive industrial leadership and competitiveness while prioritizing hard-to-abate sectors. Stricter rules on project completion and the introduction of a sanctions regime emphasize accountability and performance standards for funded projects, ensuring efficient utilization of resources and compliance with decarbonization goals.