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, with the remaining €1bn available for any end-use.
The auction, the second by the bank, will use cash collected from the EU’s Emissions Trading System, which began to require vessels to pay for the right to pollute in January, and deposited in the 27-nation bloc’s Innovation Fund.
