EU invests over €1 billion in innovative projects to decarbonise the economy
The European Union is investing over €1.1 billion into seven large-scale innovative projects under the Innovation Fund. The grants will support projects aiming to bring breakthrough technologies to the market in energy-intensive industries, hydrogen, carbon capture, use and storage, and renewable energy. The projects are located in Belgium, Italy, Finland, France, the Netherlands, Norway, Spain and Sweden.
Executive Vice-President Timmermans said: “Innovation is crucial to provide the solutions we need this decade to keep 1.5 degrees within reach. Together with sharp emissions reductions, innovation gives us a path towards the Paris Agreement. Today’s decision gives concrete support to clean tech projects across Europe and enables them to scale up game-changing technologies that support and speed up the transition to climate neutrality. Our Fit for 55 package proposes to increase the Innovation Fund so that even more innovative European projects and ideas can jump ahead in the global climate innovation race.”
The seven projects were selected for funding under the first Innovation Fund call for large-scale projects, i.e. projects with total capital costs above €7.5 million.
The selected projects cover a wide range of relevant sectors to decarbonise different parts of Europe’s industry and energy sectors, such as chemicals, steel, cement, refineries, and power and heat. All projects are either already part of industrial hubs or kick-start decarbonisation clusters of interconnected industries.
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