Renewables

EU launches first call for proposals under Innovation Fund for clean technologies

first call

Photo: Pixabay/ybernardi

Published

July 6, 2020

Country

Comments

0

Share

Published:

July 6, 2020

Country:

Comments:

0

Share

The European Commission has launched the first call for proposals under the EUR 10 billion Innovation Fund, which will finance breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage. The fund is expected to help boost the EU economy’s green recovery following the COVID-19 crisis.

The first call will provide EUR 1 billion in grants to large-scale projects for clean technologies to help them overcome the risks linked to commercialization and help new technologies to reach the market, according to a press release from the commission.

The call is open for projects from all EU member states, as well as Iceland and Norway. The deadline for submission of applications is October 29, 2020.

The funding will include low-carbon solutions for industries like steel, cement and chemicals

Frans Timmermans, the commission’s executive vice-president for the European Green Deal, said the funding will include clean hydrogen and other low-carbon solutions for energy-intensive industries like steel, cement and chemicals.

Timmermans also said that these investments will create a green recovery that will help the EU achieve climate neutrality in 2050.

The Innovation Fund is financed by EU ETS revenues

The Innovation Fund is financed by revenues from the auction of emission allowances from the EU’s Emissions Trading System (EU ETS), and it may amount to about EUR 10 billion in the 2020-2030 period, depending on the carbon price.

The fund is a key financing instrument for delivering the EU’s commitments under the Paris Agreement and supporting the European Commission’s strategic vision of a climate neutral Europe by 2050. It should also give EU companies a first-mover advantage to become global technology leaders.

The fund is a “bigger and better” successor of the NER300 program

The EU’s Executive Agency for Networks and Innovation (INEA), which is implementing the fund, said it is a “bigger and better” successor of NER300, a EUR 2 billion program designed to support carbon capture and innovative renewable energy technologies. INEA also noted that the Innovation Fund will benefit from any unspent funds from NER300.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment

Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Bulgarian municipalities energy communities

Bulgarian municipalities advised on possibilities for energy communities

27 November 2020 - An energy transition training session was organized for Bulgarian municipalities to highlight the potential benefits of energy communities

Mali Zvornik Serbia biomass heating EUR 2 35 million

Mali Zvornik in Serbia building biomass heating plant in EUR 2.35 million project

27 November 2020 - Two boilers of 900 kW each fueled by wood chips and a 2.5 MW spare unit on gas will provide heating in Mali Zvornik from next October

Renewables 99.6 new power capacity Turkey

Renewables make up 99.6% of new power capacity in Turkey this year

26 November 2020 - Hydroelectric units had a 66.6% share in the commissioned power capacity in Turkey in the first three quarters, compared to 99.6% for all renewables

EU innovation funds European Hydrogen Week

EU promotes innovation, offers funds during European Hydrogen Week

26 November 2020 - Companies and institutions are making announcements as the first European Hydrogen Week is held with a focus on achieving carbon neutrality