The European Commission has announced an investment of over €1.1 billion into seven large-scale innovative projects.
The funding will be used through the Innovation Fund, which was announced in 2020, and is aimed to support projects bringing breakthrough technologies to the market in energy-intensive industries, hydrogen, carbon capture, use and storage, and renewable energy. The projects are located in Belgium, Italy, Finland, France, the Netherlands, Norway, Spain and Sweden.
The aim is to accelerate the energy transition and ensure a green recovery. The European Climate, Infrastructure and Environment Executive Agency will oversee the funding.
Executive Vice-President Timmermans, said: “Innovation is crucial to provide the solutions we need this decade to keep 1.5 degrees within reach. Today’s decision gives support to clean tech projects across Europe and enables them to scale up game-changing technologies that support and speed up the transition to climate neutrality.
The projects will help decarbonise industries including chemicals, steel, cement, refineries, and power. For example project in Sweden aims to entirely eliminate greenhouse gas emissions from steel production by using renewable hydrogen in Gällivare and Oxelösund.