The European Commission opened this Friday the first call for proposals under the Innovation Fund. This is one of the world’s largest programmes for the demonstration of innovative low-carbon technologies. Financed by revenues from the auctioning of emission allowances from the EU Emissions Trading Scheme, it will be used for the latest technological breakthroughs in renewable energy, energy-intensive industries, energy storage and carbon capture, use and storage.
This Innovation Fund launched by the European Commission will seek to stimulate green recovery by creating sustainable local jobs, paving the way for climate neutrality and strengthening Europe’s technological leadership on a global scale.
Frans Timmermans, Executive Vice President, said :
“This call for proposals is very timely. The EU will invest €1 billion in promising, market-ready projects such as clean hydrogen or other low-carbon solutions for energy-intensive industries such as steel, cement and chemicals. We will also support energy storage, grid solutions and carbon capture and storage. These large-scale investments will help to get the EU economy back on track and start a green recovery that will lead us to climate neutrality by 2050³d.
For the period 2020-2030, the Innovation Fund will distribute around €10 billion from the auctioning of allowances under the EU Emissions Trading Scheme, complementing the undisbursed revenues of the Innovation Fund’s predecessor, the RNE 300 programme.
Under the first call, €1 billion in funding will be provided to large-scale clean technology projects to help them overcome the risks associated with large-scale commercialisation and demonstration. This support will facilitate the market uptake of new technologies. For promising projects that are not yet ready to be commercialised, a separate budget of €8 million is earmarked for project development support.
The call is open to projects in eligible sectors from all EU Member States, Iceland and Norway. The funds may be used in cooperation with other public funding initiatives, such as state aid or other EU funding programmes. Projects will be assessed on the basis of their ability to avoid greenhouse gas emissions, their potential for innovation, their financial and technical maturity, as well as their potential for expansion and cost-effectiveness. The deadline for submission of applications is 29 October 2020. Projects can be submitted via the EU’s Financing and Tendering portal, where more information on the overall procedure is available.
The Innovation Fund aims to create the right financial incentives for companies and public authorities to invest today in the next generation of low-carbon technologies and to give EU companies a competitive edge to become world leaders in technology.
The Innovation Fund will be implemented by the Innovation and Networks Executive Agency (INEA), while the European Investment Bank will provide support for the development of promising projects that are not yet ripe for full implementation.
Translated from Appel à propositions : La Commission européenne investit 1 milliard d’€ dans des projets axés sur les technologies propres
