EU innovation fund to support emissions cuts with 3 billion euros
The European Union has announced the release of 3 billion euros for investment in the deployment of zero-emission technologies. The money will be distributed under the third call of the Innovation Fund for large-scale projects in 18 EU member states.
As reported by ESGNews, the initiative, announced under the third call of the Innovation Fund for large-scale projects, aims to support industrial decarbonisation and strengthen Europe’s technological leadership in clean energy. The funds will go to 26 innovative projects in sectors such as hydrogen, renewable energy, carbon capture and storage (CCS), and sustainable industrial manufacturing.
Key initiatives include large-scale renewable hydrogen projects in Spain and Finland, carbon capture developments in France and Belgium, and advanced biofuel production facilities in Sweden and Italy. The European Commission said these investments will help cut CO2 emissions by more than 200 million tonnes over the next decade, supporting the EU’s goal of achieving net-zero emissions by 2050.
The Innovation Fund, financed by revenue from the EU Emissions Trading System (EU ETS), is one of the world’s largest climate action funding programmes. The EU expects the selected projects to attract a further 15 billion EUR in private investment, supporting sustainable innovation while maintaining the bloc’s industrial competitiveness. European Commissioner for Climate Wopke Hoekstra stressed that this round of funding marks a decisive step towards scaling up technologies that can deliver significant emissions reductions, particularly in hard-to-abate sectors such as steel, cement and chemicals.
One of the main conditions for receiving Innovation Fund support is that projects create new jobs in sustainable sectors, thereby stimulating regional economic growth. Projects must also be innovative; for example, a Czech project for a gravity energy storage facility has previously applied for funding.
The current, third round of the Innovation Fund builds on previous calls, which supported more than 80 decarbonisation projects across Europe. By extending support to new technologies and cross-border initiatives, the EU aims to strengthen its position as a global leader in climate action and clean technology innovation.
Translation disclaimer
This article is a machine translation of the Czech original and has not yet been fully reviewed. In case of any doubt, please refer to the Czech version.
