The EU is raising its ambition for renewables-based hydrogen, and the regulatory framework required is taking shape. A long pipeline of green hydrogen pro - jects awaiting final investment decisions can finally be opened. Meanwhile, China keeps increasing its cost advantage in electrolyser manufacturing, and the US Inflation Reduction Act, which includes a highly com - petitive package of incentives for hydrogen production in North America, has significantly increased the pressure on the EU. Against this background, the EU is intensifying efforts to develop production support schemes for renewables-based hydrogen in the context of the new Hydrogen Bank it has announced.