Brussels-headquartered The European Commission awarded €4.8 billion (~$ 51.8 billion) in grants from its Innovation Fund to 85 net-zero projects across 18 European countries. These grants support various sectors, including renewable energy, energy-intensive industries, and net-zero mobility, to help Europe reduce emissions in difficult-to-decarbonize sectors. This grant round, the largest since the Innovation Fund’s launch, increases total funding to €12 billion (~$129.6 billion) and supports technologies like carbon capture, energy storage, and clean-tech manufacturing. Selected projects are set to operate by 2030, cutting approximately 476 million tons of CO2 over their first ten years. Each project received evaluations based on emission reduction potential, innovation, cost efficiency, and replicability, and eligible projects earned the STEP Seal, offering access to further funding.
EU grants €4.8B to 85 Projects across 18 European Countries
Successful projects were expected to operate by 2030, helping reduce emissions in sectors that are hard to decarbonize. (Image Credit/Source: Stocksnap/Pixabay)
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