On November 18, the European Commission and the governments of Spain, Lithuania, and Austria announced substantial financial support for renewable hydrogen through the Innovation Fund. The EU provides €1.2 billion, while the three Member States will contribute over €700 million, totaling around €2 billion for the 'IF24' auction. This support is crucial for the decarbonisation of the economy, particularly in hard-to-abate industrial sectors. The 'Auctions-as-a-Service' scheme, part of the second European Hydrogen Bank auction, aims to boost renewable hydrogen rollout, aligning with Europe's climate neutrality goals. The Innovation Fund, with a budget of €40 billion till 2030, incentivizes investments in low-carbon technologies to support climate objectives. Spain, Lithuania, and Austria are actively participating by allocating significant funds from national budgets to promote renewable hydrogen production. Spain is utilizing funds from its Recovery and Resilience Plan, Lithuania is focusing on electrolysis capacity targets, and Austria is offering grants to hydrogen producers. The European auction platform not only increases funding opportunities but also reduces costs for companies, allowing additional projects to be financed even after the Innovation Fund's budget is exhausted. The collaboration between the Commission and Member States is vital to accelerate the development of the European hydrogen market and achieve climate neutrality by mid-century.