In Belgium, the European Commission said it is awarding nearly $770 million to seven renewable hydrogen projects in Europe, selected through the first competitive bidding process under the European Hydrogen Bank. The funds for this auction come from the revenues of the EU Emissions Trading System. The winning bidders will produce renewable hydrogen in Europe and will receive a subsidy to bridge the price difference between their production costs and the market price for hydrogen, which is currently driven by non-renewable producers, the Commission said. The seven selected projects were the winners of an oversubscribed auction which attracted 132 bids in total. Together, the winning bidders plan to produce 1.58 million tons of renewable hydrogen over ten years, avoiding more than 10 million tons of CO2 emissions. The selected projects are located in Finland, Norway, Portugal and Spain. The selected projects will now start preparing their individual grant agreements with the European Climate, Infrastructure and Environment Executive Agency (CINEA). These agreements are expected to be signed by November 2024 at the latest. Selected projects will have to start producing renewable hydrogen within a maximum of five years after signing the grant agreement. They will receive the awarded fixed premium subsidy for up to 10 years for certified and verified renewable hydrogen production.
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