Here are the highlights from the recent news regarding the selection of net-zero projects funded by the EU Innovation Fund.
Project Selection: The European Commission has chosen 85 innovative net-zero projects to receive €4.8 billion in grants from the Innovation Fund, aimed at implementing cutting-edge clean technologies across Europe.
Diverse Project Scales: This funding round marks the largest since the Innovation Fund’s inception in 2020, with projects of varying scales (large, medium, small, and pilot) receiving support, reflecting a focus on cleantech manufacturing.
Geographical Spread: The selected projects span 18 countries, including Belgium, Denmark, Germany, and more, addressing a broad array of sectors such as renewable energy, energy storage, and net-zero mobility.
Emission Reductions: The projects are expected to start operations before 2030, collectively reducing emissions by approximately 476 million tonnes of CO2 equivalent over their first decade.
EU Policy Support: The selected initiatives align with key EU policy goals, including:
Cleantech Manufacturing: Contributing to the Net-Zero Industry Act (NZIA) with manufacturing plants for renewable energy components.
Energy-Intensive Industries: Implementing technologies for reducing greenhouse gas emissions in sectors like cement and chemicals.
Industrial Carbon Management: Capturing CO2 and aiding in the NZIA target of storing at least 50 million tonnes of CO2 annually.
Renewable Hydrogen: Producing renewable fuels to support hard-to-abate applications in industry and transport.
Net-Zero Mobility: Enhancing emissions reductions in the maritime sector and supporting sustainable transport fuels.
Evaluation Criteria: Projects were assessed based on their potential to reduce emissions, innovation, operational maturity, replicability, and cost efficiency.
Next Steps: Successful applicants will sign grant agreements in early 2025. Additionally, 149 projects meeting evaluation thresholds will receive the STEP Seal, facilitating access to further funding opportunities.
Future Calls: The Commission plans to launch the next call for proposals under the Innovation Fund in December 2024.
