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Innovation Fund Opens New Call for Proposals
25th November 2023
On 23 November 2023, the European Commission launched its new call for proposals under the Innovation Fund, with a record budget of €4 billion.
The Innovation Fund aims to bolster the implementation of innovative decarbonisation technologies such as carbon capture and storage (CCS) or carbon direct removals (CDR). It is sourced from revenues generated by the European Union’s Emissions Trading System (EU ETS), underscoring the pivotal role of carbon pricing in advancing the green transition in the EU.
For the first time, project developers have the opportunity to send proposals under five distinct categories encompassing different budget ranges and capital expenditure (CAPEX) requirements:
- General decarbonisation (large-scale): €1.7 billion for projects with CAPEX above €100 million
- General decarbonisation (medium scale): €500 million for projects with CAPEX between €20 million and €100 million
- General decarbonisation (small-scale): €200 million for projects with CAPEX between €2.5 million and €20 million
- Cleantech manufacturing: €1.4 billion for projects with CAPEX above €2.5 million focusing on the manufacturing of components for renewable energy, energy storage, heat pumps and hydrogen production,
- Pilot: €200 million for projects with CAPEX above €2.5 million focusing on deep decarbonisation.
If a project is selected for funding, the Innovation Fund can contribute up to 60% of its relevant costs.
Alongside today’s launch, the European Commission has announced a number of forthcoming milestones:
- 7 December 2023: IF23 Call Info Day
- 9 April 2024: Deadline for project developers to apply through the EU Funding and Tenders Portal
- Q4 2024: Notification of the results of project evaluations
- Q1 2025: Signature of grant agreements by successful applicants.
Read here for more details.