Commission and Germany are announcing a new milestone in boosting sustainable and clean energy financing across Europe. Germany is becoming the first Member State to participate in the EU's new “Auctions-as-a-Service” scheme under the European Hydrogen Bank. Germany will make €350 million available from its national budget for hydrogen production in Germany, in addition to the €800 million already foreseen for European projects from the EU Innovation Fund. This additional financial weight will help to attract and fund more renewable hydrogen projects. The Commission invites other Member States to also take advantage of this service for future auctions.
On 23 November 2023, the Commission opened the first EU-wide auction under the Innovation Fund to support renewable hydrogen production in line with the objectives of the REPowerEU Plan, the Green Deal Industrial Plan and the renewable hydrogen targets established in the Renewable Energy Directive. For renewable hydrogen produced in the EU, the Bank will cover the difference between the cost of producing renewable hydrogen and the price the market is willing to pay. The exact amount of this premium will result from a competitive bidding process. Renewable hydrogen producers who require the lowest amount of support in terms of euros per kilo of hydrogen produced will win the auction.
Germany's participation in the European Hydrogen Bank (europa.eu)