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					</table><p>The <a href="https://commission.europa.eu/index_en" target="_blank" rel="noopener">European Commission</a> has invited proposals for the Innovation Fund, with a record budget of €4 billion (~$4.3 billion) to support innovative decarbonization technologies.</p>
<p>Funded by the European Union Emissions Trading System, the Commission has increased the available funds and doubled the budget allocated for cleantech manufacturing projects. A total of €1.4 billion ($1.52 billion) has been earmarked to strengthen industrial manufacturing capacity, technology leadership, and supply chain resilience in Europe.</p>
<p>These grants underpin the importance of carbon pricing for the green transition in the region. The fund aims to create financial incentives for companies and public authorities to invest in cutting-edge low-carbon technologies that will help Europe achieve its net zero targets.</p>
<p>In July this year, the EU <a href="https://www.mercomindia.com/eu-allocates-over-large-scale-clean-tech-projects" target="_blank" rel="noopener">allocated</a> nearly $4 billion in the previous call to fund 41 large-scale clean tech projects across the region.</p>
<p>The fund will cover 60% of the project’s relevant costs. Project promoters have until April 9, 2024, to apply for grants under five topics with distinct budget and capital expenditure (CAPEX) requirements-</p>
<ul>
<li>General decarbonization (large-scale) &#8211; €1.7 billion ($1.8 billion) available for projects with CAPEX above €100 million ($109 million)</li>
<li>General decarbonization (medium-scale) &#8211; €500 million ($545 million) available for projects with CAPEX between €20 million ($21 million) and €100 million ($109 million)</li>
<li>General decarbonization (small-scale) &#8211; €200 million ($218 million) available for projects with CAPEX between €2.5 million ($2.7 million) and €20 million ($21 million)</li>
<li>Cleantech manufacturing &#8211; €1.4 billion available for projects with CAPEX above €2.5 million ($2.7 million) focusing on manufacturing components for renewable energy, energy storage, heat pumps, and hydrogen production.</li>
<li>Pilot &#8211; €200 million ($218 million) available for projects with CAPEX above €2.5 million ($2.7 million) focusing on deep decarbonization.</li>
</ul>
<p>The assessment of the projects will be based on their potential to reduce greenhouse gas emissions, degree of innovation, maturity, replicability, and cost efficiency. Successful applicants will sign grant agreements in the first quarter of 2025.</p>
<p>The EU has adopted several steps in its bid to transition to a net-zero economy. Earlier this year, the Commission <a href="https://www.mercomindia.com/eu-transition-towards-net-zero-economy" target="_blank" rel="noopener">adopted</a> a new Temporary Crisis and Transition Framework that sought to support measures in sectors that are key for a clean energy transition.</p>


EU Invites Proposals for Net-Zero Technologies Under $4.3 Billion Innovation Fund


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					</table><p>The <a href="https://commission.europa.eu/index_en" target="_blank" rel="noopener">European Commission</a> has announced the allocation of over €3.6 billion (~$4 billion) from the Innovation Fund for 41 large-scale clean tech projects across Europe.</p>
<p>The Innovation Fund, financed by revenues from the auctioning of allowances from the EU Emissions Trading System (<a href="https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets_en" target="_blank" rel="noopener">EU ETS</a>), is among the world&#8217;s largest funding programs for the deployment of net-zero and innovative technologies.</p>
<p>With an estimated revenue of €40 billion (~$44.9 billion) until 2030, the fund aims to support businesses investing in clean energy and accelerate the energy transition to reduce Europe&#8217;s reliance on Russian fossil fuel imports.</p>
<p>The clean tech projects span a wide range of industries, including cement, steel, advanced biofuels, sustainable aviation fuels, wind and solar energy, and renewable hydrogen and its derivatives.</p>
<p>By greening sectors that are traditionally challenging to decarbonize, the initiative aims to contribute significantly to the transformation of the European economy.</p>
<p><strong>Project Details and Impact</strong></p>
<p>The selected projects, located in 15 EU states and Norway, will all be operational by 2030 and are projected to collectively avoid approximately 221 million tonnes of CO2 emissions during their first decade of operation.</p>
<p>The 41 projects were chosen based on their potential to reduce greenhouse gas emissions, level of innovation, operational and financial maturity, scalability, and cost-effectiveness.</p>
<p>The projects were classified into four categories: general decarbonization, industry electrification and hydrogen, clean tech manufacturing, and mid-sized pilots.</p>
<p>In the general decarbonization category, eight projects worth €1.4 billion (~$1.5 billion) have been awarded funding. These include three refinery projects and five projects in the cement and lime sector, located in Belgium, Croatia, Germany, Greece, the Netherlands, Portugal, and Sweden.</p>
<p>The industry electrification and hydrogen category comprises 13 projects valued at €1.2 billion (~$1.3 billion). Six projects focus on renewable hydrogen production, while the remaining seven involve the utilization of hydrogen in various sectors. The projects in this category will take place in Austria, Belgium, France, Germany, the Netherlands, Portugal, Spain, Sweden, and Norway.</p>
<p>Eleven projects in the clean tech manufacturing category, with a total budget of €800 million (~$898.3 million), were approved.</p>
<p>This group includes four projects related to electrolyzer manufacturing, four projects centered around batteries (including recycling), and three projects focused on solar panels and modules. These projects will be implemented in Belgium, Denmark, Germany, Finland, Spain, Sweden, and Norway.</p>
<p>The mid-sized pilot category comprises nine projects worth €250 million (~$280 million) and encompasses two projects related to wind energy, two projects in the ocean energy sector, two projects involving chemicals, and projects in the glass sector, carbon capture, and e-fuels. These projects will be carried out in Czechia, Denmark, France, Germany, Ireland, Italy, the Netherlands, Spain, and Norway.</p>
<p>The commission said it plans to launch the next call for proposals for large-scale projects under the Innovation Fund, with an increased budget of €4 billion (~$4.4 billion), by the end of the year.</p>
<p>Recently, the EIB Group <a href="https://www.mercomindia.com/eib-50-billion-clean-energy-manufacturing-eu" target="_blank" rel="noopener">approved</a> raising the funding volume for clean energy projects developed under the EU’s REPowerEU and Green Deal Industrial Plan by 50% to €45 billion (~$50.28 billion).</p>
<p>In March this year, the European Parliament and the Council <a href="https://www.mercomindia.com/european-renewable-share-to-42-5-by-2030" target="_blank" rel="noopener">agreed</a> to raise the EU’s binding renewable target to a minimum of 42.5% by 2030, up from 32%.</p>


EU Allocates Over $4 Billion to Propel Large-Scale Clean Tech Projects

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