EU calls for proposals for 1bn euro for clean technology fund Large-scale investments to help restart the EU economy and create a green recovery
THE EU Commission has launched a call for proposals for its €1bn (US$1.1bn) Innovation Fund for large-scale low-carbon technologies, including energy storage and carbon capture.
The funding will be available to projects to help them with large-scale demonstration and commercialisation. For projects not yet ready for the market, an additional €8m in funding is available. Eligible sectors in the EU, Iceland, and Norway can apply for the funding, and projects will be evaluated based on technology maturity, scaleup potential, cost efficiency, and the ability to reduce emissions.
Between 2020 and 2030, around €10bn will be allocated to projects from the Innovation Fund, with revenue provided by the EU Emissions Trading System (ETS), the world’s largest carbon pricing system.
Frans Timmermans, Executive Vice-President of the EU Commission, said: “This call for proposals comes at just the right time. The EU will invest €1bn in promising, market-ready projects such as clean hydrogen or other low-carbon solutions for energy-intensive industries like steel, cement, and chemicals. We will also support energy storage, grid solutions, and carbon capture and storage. These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050.”
The deadline for submissions is 29 October. More information on applying can be found here.