The European Commission has launched the second auction under the European Hydrogen Bank, allocating 1.2 billion euros from the EU Emissions Trading System to boost renewable hydrogen initiatives across the European Economic Area. This IF24 Auction marks a significant increase in funding compared to its predecessor, with 1 billion euros designated for renewable hydrogen production projects and an additional 200 million euros specifically for projects in the maritime sector. To simplify financing, an 'Auctions-as-a-service' model allows member states to support projects that missed out on Innovation Fund grants. Spain, Lithuania, and Austria are the initial countries to participate, collectively pledging 836 million euros to support hydrogen projects, aiming to attract private investment. These efforts align with the EU's strategy to promote renewable hydrogen as a crucial element in its energy transition, with the auction process set to conclude in mid-2024.