Innovation Fund: EU awards over €3,6bn to 41 large-scale clean tech projects, hydrogen included.
The Commission is awarding over €3.6 billion to 41 large-scale clean tech projects, to be financed through the EU Innovation Fund. With a focus on the REPowerEU Plan and phasing out Europe’s imports of Russian fossil fuels, these projects cover a wide range of industries, such as cement, steel, advanced biofuels, sustainable aviation fuels, wind and solar energy, and renewable hydrogen and its derivatives.
The funding will contribute to the greening of significant sectors of the European economy, in particular those that are difficult to decarbonise.
Frans Timmermans, Executive Vice-President said:
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Today, the European Union is making an unprecedented investment of € 3.6 billion in 41 clean tech projects across the continent.
“With investments in innovative solutions like these, we deliver on Europe’s green transition goals, support our industry, and bring energy security, safety and prosperity to future generations. Because we have put a price on carbon emissions, Europe is getting the additional financial firepower that enables these transformative investments.”
The selected projects are located in 15 EU Member States: Austria, Belgium, Croatia, Czechia, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal, Spain and Sweden; as well as Norway. The supported projects will all enter into operation before 2030, and have the potential to avoid 221 million tonnes of CO2 emissions in their first 10 years of operation.
The 41 projects were selected following the third call for large-scale projects, covering four topics: “general” decarbonisation; “industry electrification and hydrogen”; “clean tech manufacturing”; and “mid-sized pilots”.
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Innovation Fund: EU awards over €3.6bn to 41 large-scale clean tech projects, July 13, 2023
