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EU Innovation Fund pledges €1.8bn to innovative clean technologies

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Published on: 12 July 2022

Published by LNB News

LNB News 12/07/2022

Document Information

Issue Date: 12 July 2022

Published Date: 12 July 2022

Jurisdiction(s): United Kingdom

Article summary

The European Commission has announced a €1.8bn investment into 17 large-scale innovative clean technology projects in the second round of awards under the Innovation Fund, which was launched on 26 October 2021 and attracted 139 applications. The grants disbursed will enable technologies to be brought to market in energy-intensive industries, hydrogen, renewable energy, carbon capture and storage infrastructure, as well as the manufacturing of key components for energy storage and renewables. The projects were selected based on a range of criteria, most notably their ability to reduce greenhouse gas emissions compared to traditional technologies. It is estimated the projects chosen carry the combined potential to save 136 million tonnes of carbon dioxide equivalent during their first ten years of operation.

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