The European Commission has approved, under EU State aid rules, a €2.7bn Austrian scheme to support companies active in the industrial sector to decarbonise their production processes. The aid be awarded through a competitive bidding process. The first auction is expected to be launched before the end of 2024. The aid will take the form of direct grants, covering either investment costs only or both investment and operating costs.
Projects will be selected on the basis of the level of aid requested per tonne of greenhouse gas emissions avoided, as well as qualitative criteria, such as project maturity, economic and ecological sustainability, encompassing amongst others innovativeness and efficient use of resources and energy. All supported projects will be required to use energy from renewable sources only.
The scheme will contribute to the implementation of Austria's National Energy and Climate Plan (NECP) and to the achievement of the European Green Deal targets, while helping to end dependence on Russian fossil fuels in line with the REPowerEU Plan. Austria plans to reach carbon neutrality by 2040.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.