EU doubles Innovation Fund to €3bn
Special focus on expanding renewables to make the bloc ‘immune to Russian energy blackmail’
The European Commission has stepped up its support for large-scale renewable energy and decarbonisation projects by doubling the budget of the EU Innovation Fund to €3bn ($2.94bn) on the back of increased revenues raised from the bloc's emissions trading system. The Commission opened the third round of the fund to applications in early November, citing a “special focus” on the priorities of its RepowerEU plan, which aims to end the EU’s dependence on Russian fossil fuels by accelerating the buildout of the bloc’s renewables sector. “Today, more than ever, we need to boost innovation and scale up technological solutions that tackle the climate crisis and bring Europe energy sovereignty,” says
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