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Development Innovations & Technology Opinion Social Responsibilities
EU innovation funds
by Kartik awasthi

EU Invests €1.8 Billion In Clean Tech Projects through Innovation Funds

Another day made big for Europe due to the announcement of investing €1.8 Billion In Clean Tech Projects by the European Union through Innovation funds. 

This will be the 3rd disbursement of the Innovation funds. The prime focus of this round marks as the pool now increased with vamping of 60%. 

Let’s have a look at what the Vice President, Frans Timmermans said, 

“Today’s grants support innovative businesses across Europe to develop the cutting-edge technologies we need to drive the green transition. The Innovation Fund is an important tool to scale up innovations in renewable hydrogen and other solutions for European industry. Compared to the first disbursement round, the funds available have increased by 60%, enabling us to double the number of projects supported. This is a big boost for the decarbonisation of energy-intensive industry in the European Union.”

Vision Behind the Innovation Funds

Innovation Funds focused on innovative technological advancements that significantly reduce greenhouse gas emissions. These programs are designed in such a way that industries are benefitted with a lot more funds in a flexible and easygoing approach. 

Under this, Big flagship projects will be given funds that can endow a spirit of European value additions with emission reductions taken into consideration.

Sectors and Locations benefitting from the 3rd disbursement of Innovation Funds

The target is to bring revolutionary technologies to the market. The proceedings ahead will counter the following sectors

  • Energy-intensive industries
  • Hydrogen
  • Renewable energy
  • Carbon capture and storage infrastructure
  • Manufacturing of key components for energy storage and renewables

The projects will be having following locations 

  • Bulgaria
  • Finland
  • France
  • Germany
  • Iceland
  • Netherlands
  • Norway
  • Poland
  • Sweden

Projects Under consideration!

This time the EU has not only increased the funds by 60% but also there is a vast increase in the number of projects that are under the roof. Initially, the fund allotted was €1.1 Billion which was considered for 7 projects, but this disbursement marks new heights with a €1.8 Billion investment for catering to 17 projects in all. 

The projects bifurcation is as follows

Cement:- 

We have 4 projects here. One in each, Germany, Poland, France, and Bulgaria. 

Chemicals:- 

Contains 3 projects, one in Finland and two in Sweden. 

Hydrogen:- 

Has 3 projects all located in the Netherlands. 

Refineries:- 

Grabbing 2 projects, each in Norway and Sweden.

Manufacturing of components for energy storage or renewables production:- 

Have 3 projects in the bucket. One in Poland and two in France!

Renewable energy:- 

Has 1 project located in the German part of the north sea. This project will construct and operate an offshore wind farm. 

Carbon capture and storage infrastructure:- 

Contains one project in Iceland for building an onshore carbon mineral storage terminal. 

So, these are all 17 clean tech flagship projects which will be running under these funds payout.

All the projects will be collectively targeting the lowering of the greenhouse gases in the working fields of production, distribution, and use of

  • Green hydrogen
  • Waste-to-hydrogen
  • Offshore wind 
  • Manufacturing of photovoltaic (PV) modules
  • Battery storage and recycling
  • Carbon capture and storage
  • Sustainable aviation fuels
  • Advanced biofuels.

In case, you want complete information on these projects and working, you can find it here at – LIST OF PROPOSALS PRE-SELECTED FOR A GRANT 

The selection procedure of these projects is also done by neutral and independent Experts. They have expertise in the reduction of carbon emissions gases when set side by side with the orthodox patterns of functionality. The selection is also considered on the ability of the projects to be scalable and more cost-effective. 

The projected pre-selected will work on decarbonization and lowering greenhouse gas emissions and keeping this on target, assumptions have been made that the stated projects can possibly save upto 136 million tonnes of carbon emission in the time frame of the next 10 years.

This will not only enhance the authority of the European Union in the world in contributing towards nature and making a more of a happy place to live but also state them as the world leaders in technological advancements. 

The next investment will consist of about three billion euros. The ultimate aim of freeing Europe from its dependence on Russia’s fossil fuels.

Conclusion

The world and the upcoming generation need one thing from us and that is a happy and peaceful world. The European Commission is taking fruitful steps in that direction through the innovation funds. Also, keeping the mark that the proceedings are in the right direction. 

These steps will surely create an impact on the overall advancements and financial breakthroughs of the economy of the nations. 

Following the same, get yourself updated persistently with the following kinds of information. Visit CEDCOSS regularly for updates.

For more information, you can come down to the comment section!

Take care!

♥40

Author

Kartik awasthi

Kartik is a Focused millennial! Believes in the more you read, the more you know, and the more you become. Visionary about visualizing the diverse perspectives of the creative world and showcasing them in the garland of words!