12.01.2022
After almost eighteen months of competition and 311 submissions with €1 billion up for grabs, seven projects emerged victorious in November. This was the first of several announcements from the Innovation Fund up to 2030 – expected to add up to €25 billion collectively.
The supported projects must be particularly innovative and act as major contributions to significant reductions in emissions up to 2050. The Fund aims to support a wide range of technologies, industries and geographical locations in the EU. The projects selected this time around had profiles in industries regarded as ‘hard-to-abate’, and where the project itself will result in significant reductions in emissions.
6 out of 7 projects feature a large element of renewable energy or a transition from fossil to renewable energy. 4 out of 7 incorporate CCS as a part of their solution. 5 out of 7 were based in Northern and Western Europe, with none in Central and Eastern Europe. 3 of the projects include elements on the production/use of hydrogen, such as the Swedish HYBRIT project using green hydrogen for steel production. One project involves capturing biogenic CO2 (CCU) from waste for use in chemicals and biofuels. Announcement no. 2 from the Fund is ongoing, with a €1.5 billion pot.
The CCS Environmental Analysis is prepared by Gassnova’s analysis team.
COP26: Where do we go from here and what might this mean for the EU’s climate efforts? Many have expressed disappointment with the results of COP26, among them UN Secretary-General Guterres. He believes that it is time to go ‘into emergency mode’ over the climate crisis. Failure to live up to promised climate support The …
Some of what has been suggested: • The quota system (ETS) is, among other things, proposed to be expanded and strengthened• The Innovation Fund will receive more funding and expand the sectors it supports• All new cars will be emission-free from 2035.• Higher taxes on fossil energy used in aviation and shipping, and requirements for …
