EU Offers EUR 3.4 Billion for Decarbonization Projects
The European Commission has launched a EUR 3.4 billion funding opportunity under the Innovation Fund to support the deployment of decarbonization technologies, the Environment Ministry announced, CE Report quotes BTA
Of the total amount, EUR 2.4 billion is allocated for clean technology projects, while EUR 1 billion is designated for battery cell production for electric vehicles. The deadline for applications is April 24, with eligibility extending to EU Member States, Norway, Iceland, and Liechtenstein.
Funding is available for high-emission sectors covered by the Emissions Trading Scheme (ETS), including power generation, steel, cement, glass, renewable energy, maritime transport, and aviation.
"The Fund aims to support projects across all sectors of the economy, with a key criterion being their potential to reduce greenhouse gas emissions," said Maria Velkova, deputy head at the European Commission’s Directorate General for Climate Action. She highlighted the competitive nature of the program, noting that projects meeting the criteria receive a quality label from the Strategic Technologies for Europe Platform (STEP), aiding access to national funding.
Companies can also benefit from technical assistance from the European Investment Bank, as noted by representatives from the European Executive Agency for Climate, Infrastructure, and Environment (CINEA).
The Innovation Fund, one of the world’s largest programs for net-zero technologies, is financed through EU ETS revenues. Since 2020, it has approved over 200 projects with a total allocation exceeding EUR 12 billion. The estimated budget for 2020-2030 is EUR 40 billion, depending on carbon allowance prices.
Meanwhile, Eurostat reported that EU greenhouse gas emissions in Q3 2024 were 767 million tonnes of CO2 equivalent, down 0.6% from the previous year. In contrast, Bulgaria’s emissions saw a slight 0.034% increase.
