EU Innovation Fund to Invest in Seven CCS and CCU Projects
14th July 2022
The European Commission has announced that it will invest €1.8 billion towards seventeen large scale innovative clean tech projects, including carbon capture and storage efforts. The investment is part of the EU Innovation Fund, which aims to allocate over €38 billion towards low-carbon technologies by 2030.
Seven of the seventeen approved projects include a CCS or CCU component. The selected CCS and CCU efforts are located in Bulgaria, Iceland, Poland, France, Sweden and Germany, with projects ranging from low-carbon cement production, carbon mineral storage site development and sustainable aviation fuel production.
This is the second call for large-scale projects through the EU Innovation Fund. The upcoming third call will see a significant increase in funding, with the Commission aiming to invest €3 billion towards clean tech projects as part of its REPowerEU initiative. Applicants will be able to submit their proposals by autumn 2022.
Read here for additional details.