The European Commission, along with Spain, Lithuania, and Austria, has unveiled new financial support for the advancement of renewable hydrogen through the Innovation Fund. Member States will participate in the 'Auctions-as-a-Service' scheme under the second European Hydrogen Bank auction, with a combined funding of over €2 billion. Spain, Lithuania, and Austria are directing substantial amounts from their national budgets towards renewable hydrogen projects to achieve their respective targets by 2030. The 'Auctions-as-a-Service' initiative enables Member States to enhance project funding post the Innovation Fund's allocation, fostering clean energy adoption and aiding European industry decarbonisation. Projects in the European Economic Area chosen under this scheme will obtain a fixed premium for a decade to offset the production costs of renewable hydrogen, thereby facilitating the transition towards climate neutrality. The European Hydrogen Bank's efforts aim to streamline EU renewable hydrogen production and imports, bridging investment gaps and linking future renewable hydrogen supply with consumers. The Innovation Fund auctions form a crucial part of the European Hydrogen Bank's domestic segment. This development marks a positive stride towards achieving EU and national renewable energy targets, supported by efficient funding mechanisms and shared objectives among Member States. The 'Auctions-as-a-Service' framework enhances project competitiveness and reduces financial barriers, promoting a sustainable shift towards clean energy practices.