July 2024 was a significant month for the Northwest European hydrogen market, with several positive developments indicating progress and potential turning points in the industry. Multiple large-scale electrolytic hydrogen production projects in countries like the UK, Netherlands, Germany, and Spain reached final investment decisions (FIDs) in July. These projects, with capacities exceeding 200MW in their initial phases, showcase the industry's scaling potential and contribute to meeting 2030 country and EU targets for renewable hydrogen production. The geographic diversity of these projects, including significant funding allocations from the Spanish government, highlights the growing momentum in the European hydrogen market. Regulatory drivers such as the EU's Renewable Energy Directive III (REDIII) and the upcoming enforcement of the 'additionality' clause are pushing developers to expedite project development to comply with renewable hydrogen mandates by 2030. Funding announcements, like Spain's €794mn state aid for seven electrolytic hydrogen projects, and the planned €1.2 billion auction pot for renewable electrolytic projects in Europe, aim to support the scaling of electrolytic hydrogen production and ensure key parts of the value chain are integrated into project development. While the recent advancements signal positive momentum and opportunities in the European hydrogen market, there are areas of uncertainty, such as the terms of the planned auction and the flexibility provided to developers in terms of offtaker agreements and renewable certification. Monitoring the implementation and outcomes of these initiatives will be crucial to assess their long-term impact on the industry's growth and sustainability.