Decarbonizing Industry: A Look into the EU's Innovation Fund

The Innovation Fund, an initiative by the EU, represents a bold step towards tackling climate change through funding innovative low-carbon technologies. With robust financial backing of €40 billion from 2020 to 2030 based on a carbon price of €75/tonne, the fund is lauded as one of the largest global funding agencies focused on clean technology demonstration.

To date, €12 billion has been awarded to approximately 200 projects spanning across European Economic Area (EEA) countries, including the EU, Liechtenstein, Iceland, and Norway. These projects are at the forefront of implementing cutting-edge technologies across various sectors.

The fund invests in areas such as energy-intensive industries, renewables, energy storage, net-zero mobility, and sustainable buildings. Additionally, projects focused on hydrogen innovations and carbon capture, use, and storage also receive financial support, aiding in substantial greenhouse gas reductions and moving towards net-zero emissions targets.

The Innovation Fund offers opportunities for potential applicants to secure funding through calls or auctions. Support services, such as evaluating project proposals and calculating greenhouse gas emission avoidance potential, streamline the application process.

Additionally, the European Investment Bank (EIB) provides tailor-made support to enhance project maturity, offering customized assistance to ensure project viability and success. Upcoming info days across EU countries aim to provide essential guidance to prospective applicants.

Once a project receives funding, maintaining compliance with communication and visibility requirements is crucial, ensuring the broad dissemination of acquired project knowledge. Creating a successful profile and connecting with new partners is also emphasized for knowledge sharing and potential collaboration opportunities.