The European Commission (EC) has launched a second hydrogen auction to boost clean energy projects and help build the world’s renewable energy capacity. The $1.26 billion hydrogen auction had a notably expanded budget compared to the first hydrogen auction and was launched under the European Hydrogen Bank.
This second auction is meant to boost the production of Renewable Fuel of Non-Biological Origin (RFNBO) in the European Economic Area (EEA). Renewable hydrogen is expected to play a major role in the European Union’s transition to clean energy alongside solar, wind, hydropower, and geothermal energy.
The second hydrogen auction began on December 3rd and will run until February 20, 2025, with a notably larger budget compared to the first auction (+$421 million). This is a testament to the European Commission’s dedication to develop hydrogen infrastructure and support the European Union’s plans to decarbonize its massive economy.
$1.05 billion of the funds allocated to the second hydrogen auction was reserved for projects that can produce renewable hydrogen, while $210 million is reserved for the maritime sector, indicating the EC’s commitment to making maritime long-haul transport emission-free.
Unlike the first auction, this round used an innovative ‘auctions-as-a-service” procedure to make hydrogen project financing more efficient. The new system allows EU member states to support renewable hydrogen projects that have shown potential but struggle to secure Innovation Fund grants because of limited budgets.
Countries like Austria, Lithuania, and Spain can use the system to take advantage of national funds and invest in hydrogen production locally without going through the financial and logistical hassle of running different national auctions.
These three nations have promised to jointly contribute $880 million to provide support to national renewable hydrogen projects. The scheme is expected to attract significant private investment and help the European Union maintain its leadership in the burgeoning clean energy segment.
The second hydrogen auction was part of the Innovation Fund (IF24) and is integral to the European Union’s wider plan to increase its renewable hydrogen production and help meet its energy transition goals. The IF24 Auction’s goals align with the Renewable Energy Directive, the Green Deal Industrial Plan, and the REPowerEU Plan and aim to help the regional bloc make its industries more competitive while simultaneously championing green energy use.
Provided by national contributors as well as the European Hydrogen Bank, the funding for the second hydrogen auction is set to reach around $2.1 billion, more than enough to speed up renewable hydrogen adoption and help the EU decarbonize its economy.
As more regional blocs like the EU undertake practical steps to boost the penetration of clean energy, for-profit enterprises like Energy and Water Development Corp. (OTCQB: EAWD) within this industry could see themselves entering partnerships with governments to support the energy transition.
NOTE TO INVESTORS: The latest news and updates relating to Energy and Water Development Corp. (OTCQB: EAWD) are available in the company’s newsroom at https://ibn.fm/EAWD
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