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16 Industrial Carbon Management Projects Selected out of the 85 Innovative Net-zero Projects to be granted 4.8 billion Under the Innovation Fund
24th October 2024
On 23 October, the European Commission selected 85 innovative net-zero projects under the 2023 Innovation Fund (IF) call for proposals launched in November 2023. The list of winners includes projects located across 18 countries and covering a wide range of sectors, including industrial carbon management.
The projects were selected amongst 337 applications and will receive 4.8 billion, the largest grant awarded up to now under the IF, underscoring the pivotal role of carbon pricing and the revenues generated by the EU Emission Trading System (ETS) in supporting EU’s decarbonization objectives.
Expected to enter into operation before 2030, the projects selected for funding are estimated to have the combined potential to tackle around 476 Mt of CO₂ equivalent emissions during their first ten years of operation.
Out of the 85 successful innovative net-zero projects, 16 were selected in the field of industrial carbon management and will contribute to capture CO₂ emissions from various hard-to-abate industries, including cement and lime, (bio)-refineries, chemicals and waste-to-energy. Several projects are dedicated to developing transport and storage infrastructure. These projects are expected to contribute to 13% of the target set in the NZIA, which aims to reach 50 Mtpa of operational CO₂ storage injection capacity by 2030.
The next call for proposals under the Innovation Fund is expected to be launched in early December 2024, and the grant agreements between the winners of the 2023 IF call for proposals and CINEA will be signed in Q1 of 2025.
Read more here.
Source: European Commission