An investment programme worth more than €10bn ($11.4bn) for low-carbon technologies has been launched by the European Commission.
One of the world’s largest funding programmes for climate action, the European Commision’s ETS Innovation Fund will support the deployment of carbon capture and storage (CCS), technologies and processes in energy intensive industries, renewable energy generation and carbon capture and utilisation (CCU).
Commissioner for Climate Action and Energy Miguel Arias Cañete said, “Less than three months after adopting our strategic vision for a climate neutral Europe by 2050, we are putting the money where the mouth is.”
“Our objective is to keep building a modern, competitive and socially fair Paris-aligned economy for all Europeans. For this to happen, we will need deployment of clean innovative technologies on an industrial scale.”
“This is why we are investing in bringing to the market highly innovative technologies in energy intensive industries, in carbon capture, storage and use, in the renewable energy sector and in energy storage.”
“We are today unleashing technological solutions in all member states and pressing the fast-forward button in our transition to a modern and climate-neutral society in Europe.”
The European Commission wants to ensure that Europe continues to be at the top of the league with new high-value patents for clean energy technologies.
This leadership provides a global competitive advantage, allowing Europe to harvest first mover benefits by increasing exports of European sustainable products and sustainable technology and business models.
“…it is clear that CCS has an important role to play in the decarbonisation of Europe’s economy.”
Guloren Turan, Global CCS Institute’s General Manager of Advocacy
On 28th November (2018), the European Commission adopted a strategic long-term vision for a prosperous, modern, competitive and climate neutral economy by 2050 – A Clean Planet for all.
The strategy shows how Europe can lead the way to climate neutrality while preserving the competitiveness of its industries by investing into realistic technological solutions. This transition also requires further scaling-up of technological innovations in energy, buildings, transport, industry and agriculture sectors.
The European Commission aims to launch the first call for proposals under the Innovation Fund in 2020, followed by regular calls until 2030.
The Global CCS Institute has welcomed the funding available for CCS. General Manager of Advocacy Guloren Turan 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 decarbonisation 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.”