Commission today allocates nearly €720 million to seven renewable hydrogen projects in Europe, which were selected as part of the first competitive tender procedure within the European Hydrogen Bank. Funding for this auction comes from the revenues of the EU Emissions Trading Scheme. Winning bidders will produce renewable hydrogen in Europe and receive a subsidy to bridge the price gap between their production costs and the market price of hydrogen currently driven by non-renewable producers. The European Hydrogen Bank therefore contributes to the spread of cleaner fuels, which will contribute to the decarbonisation of European industry. The renewable hydrogen they produce will be used in industries such as steel, chemicals, shipping and fertilizers. (More on ec.europa.eu)