To support the European Commission’s strategic vision of a climate-neutral Europe by 2050, the Innovation Fund was launched by EU in July 2020 to complement other well-known funding programmes such as Horizon 2020. It aims to foster the EU’s path towards carbon neutrality by improving the competitiveness of EU industries and increasing resource efficiency. To do so, it expands its green focus, promoting solutions that actively support decarbonisation, and offering funding in a more flexible way to comply the EU’s economic development scenario with the 2015 Paris Agreement.
The Innovation Fund contributes to the reduction of greenhouse gases by focusing on:
- innovative low-carbon technologies and processes in energy-intensive industries (steel, cement, glass, chemicals, paper, etc.)
- carbon capture and use (CCU)
- construction and operation of carbon capture and storage (CCS)
- innovative renewable energy production
- energy storage
The Fund also supports cross-cutting projects for innovative low-carbon solutions that lead to emission reductions in multiple sectors, e.g. through Industrial Symbiosis.
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