Towards a climate-neutral Europe: EU invests over €10bn in innovative clean technologies

nuclear france

Cattenom Nuclear Power Plant, Cattenom, France (Unsplash, 2019)

This article is brought to you in association with the European Parliament.


The Commission today announces an investment programme worth over €10 billion for low-carbon technologies in several sectors to boost their global competitiveness.

EU innovative climate action, as announced today, has a range of benefits for the health and prosperity of Europeans with an immediate, tangible impact on people’s lives – from the creation of local green jobs and growth, to energy-efficient homes with a reduced energy bill, cleaner air, more efficient public transport systems in cities, and secure supplies of energy and other resources.

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 Commission wants to ensure that Europe continues to be at the top of the league as regards 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.

On 28 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.

Next steps

The Commission aims to launch the first call for proposals under the Innovation Fund already in 2020, followed by regular calls until 2030.

Background

The Innovation Fund will pool together resources amounting to around €10 billion, depending on the carbon price. At least 450 million allowances from the EU Emissions Trading System (EU ETS) Directive will be sold on the carbon market in the period 2020-2030. The revenues of these sales depend on the carbon price, which is currently around EUR 20.

Any undisbursed revenues from the Innovation Fund’s predecessor, the NER 300 programme, will also be added to the Innovation Fund. Thus, the total endowment of the Fund can be around EUR 10 Billion.

The Innovation Fund aims to create the right financial incentives for companies and public authorities to invest now in the next generation of low-carbon technologies and to give EU companies a first-mover advantage to become global technology leaders.

The Innovation Fund builds on the experience from the NER300 programme, the current EU programme to support the demonstration of carbon capture and storage and renewable energy technologies. It expands its scope to also explicitly cover energy storage and energy intensive industries and is better tailored to promote innovation through an improved and simplified governance. It will offer grants to cover up to 60% of the additional capital and operational costs linked to innovation for the selected projects, disbursing the money in a flexible way based on the needs of individual projects.

In addition, following the Commission’s decision to reinvest the unspent funds from the first NER 300 call amounting to some EUR 487.6 million, the transfer of unspent NER300 funds to InnovFin Energy Demo Projects is now taking effect and the Commission confirmed that three existing projects can now benefit from a loan guarantee backed by funds from the NER300.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

EU Youth Conference in Amsterdam: enabling young people to engage in a diverse, connected and inclusive Europe

China is a renewable energy champion. But it’s time for a new approach

The four top Americans who flew to Europe perplexed things about Trump’s intentions

Wednesday’s Daily Brief: Guterres in Kenya, Prisoners sick in Iran, #GlobalGoals, Myanmar, Ukraine updates, and new space partnership

Iraqis paying an ‘unthinkable price’ to be heard, UN envoy tells politicians in Baghdad

From Russia with love: Brussels and Moscow close to an agreement on Ukraine’s gas supplies

Migration: Better travel safe than sorry

Myanmar military target civilians in deadly helicopter attack, UN rights office issues war crimes warning

European Youth Forum welcomes the European Commission’s proposed revision of the Union Code on Visas, however it does not go far enough

Innovation can transform the way we solve the world’s water challenges

Effective multilateralism the antidote to today’s ‘divisions’, Holy See tells UN Assembly

How building renovations can speed up the electric vehicle revolution

Online shopping across the EU to be easier from 3 December

Key economic forum in Russia: New technology a ‘vector of hope’ but also ‘a source of fear’ says Guterres

Canada has the most comprehensive and elaborate migration system, but some challenges remain

Nuclear non-proliferation treaty an ‘essential pillar’ of international peace, says UN chief

Food safety: more transparency, better risk prevention

Number of members in Parliament’s committees to change after Brexit

Worldwide UN family celebrates enduring universal values of human rights

UN chief hopeful for Libya, after Quartet meeting in Tunis

‘Dangerous nationalism’ seriously threatens efforts to tackle statelessness: UNHCR chief

Why do medical students need to go abroad to become a doctor in 2017?

State aid: France to recover €8.5 million of illegal aid to Ryanair at Montpellier airport

A Sting Exclusive: “Europe needs decisive progress for stronger cybersecurity”, EU Commissioner Gabriel highlights from Brussels

Facility for Refugees in Turkey: €127 million to boost EU’s largest ever humanitarian programme

Employment: Commission proposes €1.6 million from Globalisation Adjustment Fund to help 400 workers made redundant in Carrefour Belgique

Tiny Iceland teaches the West how to treat bankers

Yanis Varoufakis: “Unsustainable debt turns the creditor into Leviathan; Life under it is becoming nasty, brutish and short”

Following the World Cup? Then you’re watching high-performing migrants at work

EU cross-border payments outside Eurozone: MEPs scrap excessive fees

UN urges protection of indigenous peoples’ rights during migration

This incredibly detailed map of Africa could help aid and development

The movement of anti-vaccers: taking humanity back 200 years

The city of Quito just made commuting quicker and safer

Mind control using sound waves? We ask a scientist how it works

Tech companies are changing, for the better

MARKUP initiative to boost market access to Europe for East African SMEs

Tourism offers much to the EU gets a little

Why India can show us how to achieve growth with purpose

Gender equality in STEM is possible. These countries prove it

3 ways to use digital identity systems in global supply chains

Chinese economy to raise speed and help the world grow

How India is harnessing technology to lead the Fourth Industrial Revolution

After swallowing effortlessly the right to be forgotten time for Google Ads now to behave

EU Youth Conference in Riga concludes with recommendations for ministers

Ozone on track to heal completely in our lifetime, UN environment agency declares on World Day.

With half of Somaliland children not in school, UNICEF and partners launch education access programme

Security Council calls for dialogue in Haiti

Spain will soon overtake Japan in life expectancy rankings. Here’s why

Thursday’s Daily Brief: Press Freedom Day, Tuna Day, cultural dialogue, #GlobalGoals awards, updates on Syria, Somalia, Mali

The Irish Presidency bullies the Parliament over EU budget

Multilateralism must weather ‘challenges of today and tomorrow’ Guterres tells Paris Peace Forum

Friday’s Daily Brief: human rights in Sudan, sombre anniversaries for Rwanda and Nigeria, and fears of ‘chaos’ in Libya

European Youth Forum demands immediate action & binding agreement on climate change

Economic sentiment and business climate stagnate in miserable euro area

Climate change recognized as ‘threat multiplier’, UN Security Council debates its impact on peace

Easier Schengen Visas for non-EU holiday makers: A crucial issue for south Eurozone countries

Here’s how to rebut the climate doom-mongers

Backed by UN, Asia-Pacific countries to advance space technology for ‘development transformation’

Rural women a ‘powerful force’ for global climate action: UN Secretary-General

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s