The European Commission has commenced its second European Hydrogen Bank (EHB) auction, allocating €1.2bn to support green hydrogen producers. This initiative, known as the IF24 auction, is funded by EU Emissions Trading Scheme (ETS) revenues through the Innovation Fund. The auction's primary goal is to offer subsidies per kilogram of green hydrogen to assist in closing the cost disparity with fossil fuels. Compared to the pilot auction, the IF24 auction has a larger budget of €1.2bn, with €1bn dedicated to projects supplying hydrogen to any sector and €200m specifically for maritime applications. The auction, open until February 20, 2025, imposes a ceiling price of €4/kg for green hydrogen. To address concerns regarding cheaper Chinese electrolysers flooding the market, the European Commission has restricted projects from sourcing more than 25% of their electrolyser stacks from Chinese manufacturers. This move follows warnings from industry players about the threat posed by Chinese OEMs to the European hydrogen sector. Successful bidders are expected to sign grant agreements within nine months after the auction's conclusion and must commence production within five years of finalizing the agreement. Wopke Hoekstra, the EU's climate chief, highlighted the Innovation Fund's utilization of ETS revenues for advancing hydrogen initiatives. These developments signify a positive step towards promoting green hydrogen projects and reducing reliance on fossil fuels across various industries.