Innovation Fund: EU invests €3.6 billion of emissions trading revenues in innovative clean tech projects

The Commission awarded over €3.6 billion to 41 large-scale clean tech projects, to be financed through the EU Innovation Fund. With a focus on the REPowerEU Plan and phasing out Europe’s imports of Russian fossil fuels, these projects cover a wide range of industries, such as cement, steel, advanced biofuels, sustainable aviation fuels, wind and solar energy, and renewable hydrogen and its derivatives. The funding will contribute to the greening of significant sectors of the European economy, in particular those that are difficult to decarbonise.

The selected projects are located in 15 EU Member States: Austria, Belgium, Croatia, Czechia, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal, Spain and Sweden; as well as Norway. The supported projects will all enter into operation before 2030, and have the potential to avoid 221 million tonnes of CO2 emissions in their first 10 years of operation.

The 41 projects were selected following the third call for large-scale projects, covering four topics: “general” decarbonisation; “industry electrification and hydrogen”; “clean tech manufacturing”; and “mid-sized pilots”.

Source: European Commission | News (