The European Commission, alongside Spain, Lithuania, and Austria, has announced new financial support aimed at advancing renewable hydrogen development through the Innovation Fund. These three Member States will participate in the ‘Auctions-as-a-Service’ scheme, which is part of the second European Hydrogen Bank auction set to launch on December 3.
Financial Overview
In addition to €1.2 billion in EU funding from the Innovation Fund, Spain, Lithuania, and Austria will contribute over €700 million in national funds to support renewable hydrogen production projects within their borders. This brings the total funding mobilized by the ‘IF24’ renewable hydrogen auction to approximately €2 billion.
Importance of Renewable Hydrogen
Maroš Šefčovič, Executive Vice-President for the European Green Deal, stated, “Renewable hydrogen will be crucial for the decarbonization of our economy, especially in hard-to-abate industry sectors.” He emphasized the need for European companies to maintain their competitive edge and praised the contributions from Spain, Lithuania, and Austria. He encouraged other nations to follow this example in fostering a robust hydrogen market.
Lithuania’s Commitment
Lithuania is dedicating around €36 million from its Modernisation Fund budget to the Auctions-as-a-Service scheme. This initiative will help the country achieve its national targets of 1.3 gigawatts of electrolysis capacity and 129 kilotonnes of renewable hydrogen production annually by 2030.
Commitment to Clean Energy
With these new financial commitments, Spain, Lithuania, and Austria are reinforcing their dedication to meeting both national and EU targets for clean energy uptake and supporting the decarbonization of European industry. This collaborative effort marks a significant step toward a sustainable hydrogen economy in Europe.
Sources
- European Commission – Innovation Fund Overview
- Spain’s Ministry for Ecological Transition – Renewable Hydrogen Initiatives
- Lithuania’s Modernisation Fund – Projects and Funding
- Austrian Energy Agency – Hydrogen Strategies
