The European Climate, Infrastructure and Environment Executive Agency (CINEA), the implementing body of the EU’s Innovation Fund, has signed grant agreements with 37 large-scale clean tech projects with a value of around €3.45bn.
As the result of its third call for large-scale projects, the CINEA selected 36 large-scale projects selected and added one project from the reserve list of the previous call out of the 239 project proposals received. Besides the 37 already signed projects, there are another two projects that are undergoing grant agreement preparations. The projects extend through 14 European countries, across a wide spread of sectors (like wind energy, ocean energy, manufacturing of electrolyser components, carbon capture, storage, among others) and they have the potential to reduce GHG by over 200 MtCO2e during their first 10 years of operation.
The EU’s Innovation Fund is one of the world’s largest funding programmes for the demonstration of innovative low-carbon technologies, its funds originate from the EU Emissions Trading System’s revenues to support Europe's transition to climate neutrality. At the moment, the Innovation Fund has two recently opened calls, the €4bn IF23 Call for proposals (9 April 2024 deadline) and the €800m IF23 first European Hydrogen Bank auction (8 February 2024 closure), and has already awarded around €6.5bn to more than 100 projects.
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