The EU’s Hydrogen Bank auctions are oversubscribed and deliver record-low bids. But three major projects have already walked away — and no hydrogen has been produced. Subsidies alone won’t build a market. Here’s why delivery risks threaten the Bank’s credibility, and what needs to change.

The EU’s new Delegated Act on greenhouse gas emissions from low-carbon fuels brings clarity to hydrogen certification. But without faster permitting, project finance, and delivery tools, Europe’s hydrogen strategy risks stalling. This dispatch compares Brussels’ regulation with Germany’s execution-first approach.