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European Commission Launches €1bn Innovation Fund for Green Technology

European Commission Launches €1bn Innovation Fund for Green Technology

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The Commission has launched the first call for proposals under the Innovation Fund , one of the world’s largest programmes for the demonstration of innovative low-carbon technologies. will finance breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage. 

The first call will provide grant funding of €1 billion to large-scale projects for clean technologies to help them overcome the risks linked to commercialisation and large-scale demonstration. This support will help new technologies to reach the market. For promising projects which are not yet ready for market, a separate budget of €8 million is set aside for project development assistance.

The Innovation Fund aims to create the right financial incentives for companies and public authorities to invest now in the next generation of low-carbon technologies and give EU companies a first-mover advantage to become global technology leaders. The Innovation Fund will be implemented by the Executive Agency for Networks and Innovation (INEA), while the European Investment Bank will provide project development assistance to promising projects that are not ready for full application.

The deadline for submission of applications to the first stage is 29 October 2020.

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