European Commission announces investment programme supporting low-carbon technologies
27th February 2019
The Global CCS Institute welcomes the launch of the European Commission’s ETS Innovation Fund. The Fund will be one of the key funding instruments supporting Europe’s transition to a climate neutral economy. The investment programme of around €10bn, corresponding to the market value of 450 million emission allowances, will support the deployment of carbon capture and storage (CCS) and other innovative low-carbon technologies. The fund succeeds the NER300 programme and builds extensively on its learnings. The Fund, said to be one of the world’s largest funding initiatives, aims to finance projects that will have strong value for Europe and achieve significant emission reductions. The first call for proposals is expected in 2020.
In welcoming the funding available for carbon capture and storage, Guloren Turan, General-Manager – Advocacy at the Global CCS Institute said: “This announcement is a positive sign for the CCS community and shows the EU’s commitment to supporting CCS and its deployment. Numerous stakeholders have been involved since the fund’s inception to make sure it has the right criteria and incorporates the lessons learned from the NER300. Following the release of the Commission’s vision for the EU long-term strategy, it is clear that CCS has an important role to play in the decarbonization of Europe’s economy. The fund will provide vital funding to support CCS projects, this alongside other funding instruments including the Connecting Europe Facility. There are several promising CCS projects across Europe that will be eligible for funding under the Innovation Fund. We hope to see mature CCS projects submitting their applications in 2020 and that the Fund will result in important developments in CCS deployment.”
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