European Commission executive vice-president Frans Timmermans
4 November 2022
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
Also in this section
13 March 2025
Government awards €1.21b of funding to seven large-scale projects as it chases capacity target of 12GW by 2030
12 March 2025
Speakers at this year’s CERAWeek conference noted the growing interest in green hydrogen, but hurdles such as cost remain to its adoption at scale
11 March 2025
A reassessment of clean hydrogen’s growth trajectory is underway, but the energy vector’s long-term potential to decarbonise remains intact
10 March 2025
Collaboration has become crucial to success as projects turn out to be more complex and expensive than previously thought, industry figures tell Dubai conference
