Today, the Commission is awarding nearly €720 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 European Hydrogen Bank is therefore contributing to the scale-up of cleaner fuels which will contribute to the decarbonisation of European industry. The renewable hydrogen they produce will be used in sectors such as steel, chemicals, maritime transport and fertilisers.