The German government launched the H2 Global project in 2021. The project used a unique "double auction" mechanism to accelerate the market growth of green hydrogen around the world. With this approach, hydrogen or its derivatives can be purchased at competitive prices on the international market and sold to the highest bidder in the EU.
The German Ministry of Economics stated that the H2 Global Foundation and the European Hydrogen Bank will jointly set up a joint European auction accessible to all member states.
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