During the Global Clean Energy Action Forum, the first-ever joint convening of the Clean Energy Ministerial and the Mission Innovation ministerial, in Pittsburgh, United States, the Commission has reiterated its support to the Clean Energy Technologies Demonstration Challenge and will contribute to it with over €28 billion by 2027 to advance clean energy innovation and deployment, mainly in hard-to-abate sectors, through Horizon Europe, the Innovation Fund and InvestEU.
By supporting the Clean Energy Technologies Demonstration Challenge, countries around the world have set as a goal to collectively raise $90 billion in public investments, which will in turn leverage additional private investments, for large-scale clean energy technology demonstration projects to be completed this decade. This will accelerate the commercialisation of new technologies, enable the EU to break dependence on unabated, volatile fossil fuels and advance an inclusive and equitable clean energy transition.
One example is the world’s first clean hydrogen steel plant, coordinated by the Hybrit project, that will replace coal-based blast furnaces with direct hydrogen-based reduction technology, with 500 MW fossil-free electrolysis. The project has been awarded funding under the first call for large-scale projects of the Innovation Fund.
Source: European Commission I Energy (https://bit.ly/3UEx4xY)