The EU presents ‘The Innovation Fund’, which is one of the world’s largest funding programmes for the demonstration of innovative low-carbon technologies.
It is a key funding instrument for delivering the EU’s economy-wide commitments under the Paris Agreement and its objective to become climate-neutral by 2050. The Fund will be financed by revenues from the auctioning of allowances under the EU Emissions Trading System and may amount to about €10 billion, depending on the carbon price.
The Innovation Fund will:
- Help create the right financial incentives for projects to invest now in the next generation of technologies needed for the EU’s low-carbon transition
- Boost growth and competitiveness by empowering EU companies with a first-mover advantage to become global technology leaders
- Support innovative low-carbon technologies in all Member States in taking off and reaching the market.
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