Recent hydrogen auctions, particularly by H2Global, are making significant strides in establishing price signals and fostering market growth in Europe. The 'double auction' system introduced by H2Global allows for both long-term contracts with producers and short-term sales, aiming to mobilize private investment with the support of government funding and international partnerships. However, frustration has arisen over setbacks to hydrogen projects in Europe, mainly due to risk factors embedded in the supply chain and a lack of policy clarity from national governments. While some projects have been paused, the industry as a whole is moving forward, with over 1500 clean hydrogen projects worldwide having reached final investment decisions. A notable success from the H2Global auctions was the contract awarded to Fertiglobe for the delivery of green ammonia to European ports starting in 2027. With auctions for green methanol and eSAF also in the pipeline, the market mechanism established by H2Global focuses on volume and price to determine the best bidder, creating a competitive yet secure trading environment. By offering long-term contracts with producers and short-term contracts with buyers, the auctions aim to reduce risk and establish clear price signals, ultimately paving the way for a functioning market for green commodities globally. The H2Global Foundation, backed by the German government and corporate donors, is at the forefront of this initiative, working to create markets for industrial-scale trade in low-carbon hydrogen and its derivatives. The foundation's subsidiary, Hintco, operates a 'double auction' system to bridge the gap between supply and demand side prices, ensuring regulatory certainty for large-scale projects. As the market matures, the goal is to simulate a functioning market at a growing scale, encouraging demand build-up and secondary markets. With plans to expand globally and enter partnerships with entities in various countries, the H2Global auctions are poised to play a significant role in the transformation of the energy industry towards cleaner and more sustainable practices.