The European Union has set the terms for a €1.2bn ($1.34bn) green finance auction that will include a tranche of funding for clean shipping fuels.
The European Hydrogen Bank auction package includes €200m for projects that will produce green hydrogen-based fuels for the maritime sector. The remaining €1bn will be available for any use.
The auction will use cash collected from the EU’s Emissions Trading System (ETS), which began to require vessels to pay for the right to pollute in January, and deposited in the bloc’s Innovation Fund.
