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Sunday, December 4, 2022

EC Investing One Billion Euros in Innovative Projects in the Field of Clean Technologies

The European Commission has announced the first invitation for the submission of proposals within the framework of the Innovation Fund, one of the largest programmes in the world for the demonstration of low-carbon technologies financed by the revenues from auctions of emission units from the EU emission trade system. Within the framework of the Innovation Fund advanced technologies for renewable energy will be financed as well as energy intensive industries, the storing of energy and the capture, use and storage of carbon. Through the Fund a green recovery will be promoted, among other, by providing local jobs adapted to future needs and thereby paving the way to climate neutrality and establishing the leading position of Europe in the world in terms of technologies.

This invitation for the submission of proposals comes precisely at the right moment. The EU will invest one billion Euros in promising projects that are ready for the market, like clean hydrogen or other low-carbon solutions for energy intensive industries, such as the steel, cement and chemical industries. We will also support the storage of energy, network solutions and carbon capture and storage. These large investments will contribute to the reactivation of the EU economy and lead  toward a green recovery phase after which we shall reach climate neutrality in 2050”, the first Vice-president Frans Timmermans pointed out.

In the period 2020 -2030, the Innovation Fund will allocate  approximately ten billion Euros, collected from the sale of emission units at auctions within the EU emission trading system, along with the unallocated income from the previous programme, namely, NER 300 programme. Within the framework of the first invitation for the submission of proposals, grants will be provided in the value of one billion Euros for large projects in the field of clean technologies, in order to help them overcome risks linked to commercialization and extensive demonstration activities.  This incentive will thread the way for the placement of new technologies on the market. For perspective projects that are still not ready for the market separate budgetary funds are envisaged in the amount of eight million Euros that will be used as aid in the development of the projects.

The invitation for proposal submissions is open for projects in appropriate sectors from all EU member states as well as Island and Norway. The funds can be combined with other public financing initiatives, such as state incentives or other EU financing programmes. The projects will be assessed according to the potential for preventing greenhouse gas emissions, innovation potentials, financial and technical maturity and potential for expansion and cost effectiveness. The dead line for submitting the proposals is October 29, 2020. The projects can be submitted through EU’s portal for financing and tenders where detailed information is available regarding the entire procedure.

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