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EU invests €122m to help bring low carbon technologies to market

The European Union is investing more than €122 million (£104m) in innovative projects aimed at helping decarbonise the economy.

A total of €118 million (£100m) is being provided for 32 small projects in 14 member states, Iceland and Norway, including hydrogen, energy storage and renewable energy, with the aim of bringing the low carbon technologies to market in energy intensive industries.

They were evaluated by independent experts for their ability to reduce greenhouse gas emissions compared to conventional technologies while being sufficiently mature to enable their quick deployment.

In addition, 15 projects, including biofuels and hydrogen, in 10 member states and Norway will receive development assistance worth up to €4.4 million (£3.7m), with the aim of advancing their maturity.

They were also assessed to be sufficiently innovative and promising in terms of their ability to reduce greenhouse gas emissions but not yet mature enough to be considered for a grant.

Frans Timmermans, Executive Vice President of the European Commission said: “With today’s investment, the EU is giving concrete support to clean tech projects all over Europe to scale up technological solutions that can help reach climate neutrality by 2050.

“The increase of the Innovation Fund proposed in the Fit for 55 Package will enable the EU to support even more projects in the future, speed them up and bring them to the market as quickly as possible.”

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