EU CALLS FOR €100 MILLION FOR SMALL-SCALE PROJECTS ON LOW-CARBON TECHNOLOGIES

Brussels – The European Commission on Thursday launched a call for projects that will make €100 million in grants available to small-scale projects for the deployment of innovative low-carbon technologies.

Funded by revenues from the auctioning of European Union (EU) carbon emission allowances, the call for projects aims to “further stimulate the deployment of industrial solutions to decarbonize Europe,” the Commission said in a statement.

The call for projects, the third of its kind under the Innovation Fund, will finance projects in the areas of renewable energy, decarbonization of energy-intensive industries and carbon capture, use and storage, among others.

The Innovation Fund can finance up to 60 percent of a small project’s total capital expenditure, the commission says, noting that this will help innovative technologies overcome the risks typically associated with commercialization and enter the market.

Projects will be evaluated on the basis of, among other things, their potential to avoid greenhouse gas emissions, innovation, financial, technical and operational maturity, and cost-effectiveness.

Up to 20 projects assessed as promising but not mature enough to receive a grant may receive Project Development Assistance (PDA) from the European Investment Bank (EIB).

The Innovation Fund aims to promote investment in the next generation of low-carbon technologies to support Europe’s transition to climate neutrality.