Four CCS Projects to be Funded through the EU Innovation Fund
17th November 2021
The Institute welcomes the €1.1 billion funding announcement by the European Union to develop seven large-scale innovation projects, which will include support towards carbon capture and storage (CCS) projects. The investments will be granted through the EU Innovation Fund, following decisions made after the first-call for projects. The fund aims to support low-carbon technologies across Europe.
Of the seven innovation projects approved, four are geared towards scaling up CCS. Finland, Belgium, Sweden and France will all be beneficiaries of funding to support their CCS projects in hydrogen, chemical, bio-energy and cement production, respectively. Norway’s North Sea storage site will be utilised as France moves forward with its CCS facility to decarbonise cement production, as well as Finland as it develops its clean hydrogen project in Porvoo. Beyond CCS, the EU Innovation Fund will also support innovative technologies in energy intensive industries in Italy, Sweden and Spain.
The European Commission is continuing to invest in innovative large-scale efforts, having announced the second call for projects in October 2021. In total the Innovation Fund aims to allocate €25 billion towards low-carbon technologies by 2030.
For more details, read here.