The newest batch of highly innovative clean technology projects will receive funding from the EU’s Innovation Fund, one of the world’s largest funding programmes for the demonstration of innovative low-carbon technologies.
36 large-scale projects selected following the third call for large-scale projects and one project from the reserve list of the previous call have signed their grant agreements with the European Climate, Infrastructure and Environment Executive Agency (CINEA), the implementing body of the Fund. They will benefit from around €3.45 billion in grants. These funds originate from the EU Emissions Trading System’s revenues.
Altogether, the 37 projects have the potential to reduce greenhouse gas emissions by over 200 million tonnes of CO2 equivalent during their first 10 years of operation. The projects will run in 14 European countries, including some with a lower participation in the Innovation Fund so far, such as Austria, Croatia, Czechia, Denmark, Greece and Ireland.
The selected projects will contribute to a wider spread of the Innovation Fund support across sectors, including wind energy, ocean energy, manufacturing of components for the production of electrolysers, renewable energy, including solar PV and energy storage, non-ferrous metals and iron and steel. A number of new projects are also added in the traditionally well covered sectors of renewable hydrogen, cement and lime, chemicals and refineries, including carbon capture, utilisation and storage.
This third large-scale call reflected the REPowerEU policy priorities, namely industry electrification and hydrogen, clean tech manufacturing and mid-sized pilot projects. Beyond the greenhouse gas emissions reductions, the selected projects will demonstrate the business case of clean technologies. They will also contribute to the EU’s climate and energy targets and REPowerEU goals, notably on renewable hydrogen production and strengthening EU industrial value chains in the area of manufacturing of components for renewable energy generation facilities.
More information about the new projects and the portfolio of ongoing projects can be found in the interactive Innovation Fund dashboard. The project factsheets provide comprehensive descriptions and key figures related to implementation.
The Innovation Fund continues to support European competitiveness and the transition towards climate neutrality with a reinforced budget and new funding instruments through two recently opened calls: the €4 billion IF23 Call for proposals with the deadline for applications by 9 April 2024, and €800 million IF23 first European Hydrogen Bank auction which will close on 8 February 2024.
A total of 239 project proposals competed for EU funding from the Innovation Fund in the third call for large-scale projects which closed on 16 March 2023.
In addition to the 37 projects that have signed the grant agreement today, two more are still undergoing grant agreement preparations , whereas three projects withdrew during this process. The amounts that become available due to the withdrawals will be used to fund projects from the reserve list, to the extent possible.
With an estimated revenue of €40 billion from the EU Emissions Trading System between 2020 and 2030, the Innovation Fund provides financial incentives to invest in cutting-edge low-carbon technologies and support Europe’s transition to climate neutrality.
The Innovation Fund has already awarded around €6.5 billion to more than 100 highly innovative projects.
Source: European Commission | European Climate, Infrastructure and Environment Executive Agency (https://shorturl.at/fsvzX)