In order to support green hydrogen development, Germany indicated that it would combine its H2Global funding scheme with the new European Hydrogen Bank.

The German government initiated the H2 Global project in 2021. The project adopted a unique “double auction” mechanism to accelerate the market expansion of green hydrogen in the world. By this approach, hydrogen or its derivatives can be purchased at competitive prices in the international market and sold to the highest bidder in the EU.

The German Ministry of Economy stated that the H2 Global Foundation and European Hydrogen Bank would jointly set up a common European auction accessible to all member states.