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EU backs €2b renewable hydrogen fund
Aya El Sayed Published in Amwal Al Ghad on 18 - 11 - 2024

The European Commission, along with Spain, Lithuania, and Austria, announced new financial support for renewable hydrogen development on Monday, mobilising nearly €2 billion in funding.
The funds will support renewable hydrogen production through the Innovation Fund's 'Auctions-as-a-Service' scheme, part of the second European Hydrogen Bank auction set to launch on December 3.
The EU will contribute €1.2 billion, with Spain, Lithuania, and Austria adding over €700 million in national funds.
Spain will allocate between €280 million and €400 million, Lithuania will provide around €36 million, and Austria will commit €400 million to the initiative. This funding aims to meet national and EU clean energy targets and support the decarbonisation of European industries.
The 'Auctions-as-a-Service' platform allows countries to finance additional projects even after the Innovation Fund's budget is exhausted, enhancing the efficiency of funding for renewable hydrogen.
Projects selected for the scheme will receive a fixed premium to cover production costs for up to 10 years, contributing to the EU's renewable hydrogen goals and the broader REPowerEU Plan.
Attribution: The European Commission
Subediting: M. S. Salama

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