The European Commission invites you to submit applications under the Innovation Fund to be one of the world’s largest demonstration programs in the field of innovative low-carbon technologies. The money for this purpose comes from the revenues from auctions conducted under the EU CO2 emission allowance trading scheme.

The innovative fund will finance technologies in the fields of energy from renewable sources, energy-intensive industries, energy storage as well as carbon capture, use and storage. Funds from the innovation fund will be used along with other public financing initiatives, such as state aid or other EU funding programs.

As emphasized by the Vice-President of the European Commission Frans Timmermans – The European Union will invest EUR 1 billion in promising projects ready for commercialization, such as pure hydrogen or other low-carbon solutions for energy-intensive industries, such as steel, cement and chemical industries. We will also support energy storage, network solutions as well as carbon capture and storage.

The projects are to be assessed in terms of their potential to avoid greenhouse gas emissions, innovation potential, financial and technical maturity as well as potential for scale up and cost-effectiveness. The European Commission argues that the fund will create an impetus for economic recovery by creating local future jobs, paving the way for climate neutrality and strengthening Europe’s leading position in technology.

As part of the innovation fund in the years 2020-2030, the European Commission wants to spend a total of EUR 10 billion to support projects related to energy innovation. This money is to come from the sale of CO2 emission allowances under the ETS mechanism. The deadline for submitting applications for the first round of the innovation fund is October 29, 2020. The European Commission argues that the fund will create an impetus for economic recovery by creating local future jobs, paving the way for climate neutrality and strengthening Europe’s leading position in technology.

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