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EU opens bidding for €1 billion from clean technology fund

06 July 2020 | Mitigation

 

Clean technology projects are in line for a billion-euro slice of support from the European Union, which on Friday (3 July) launched its flagship scheme for funding breakthrough low-carbon technologies.

The EU Innovation Fund will back emissions-cutting technologies such as floating wind farms, carbon capture technology and energy storage.

The aim is to encourage companies to invest in green technologies, by sharing the risk of taking on large first-of-a-kind projects.

“These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050,” EU climate chief Frans Timmermans said.

The European Commission on Friday invited projects to bid for €1 billion in grants from the Innovation Fund, which is made up of EU carbon market revenues.

Further funding calls will follow over the next decade. The fund’s total size will depend on the development of the EU carbon price over the next decade. At current prices, it would be worth roughly €12 billion.

 

Source: Euractiv