Money to burn? EU commission ‘invests’ €1 billion in innovative clean technology projects

Money to burn? EU commission ‘invests’ €1 billion in innovative clean technology projects


This article ‘in association with the European Commission’ in effect tells us they are running out of ideas on how to progress their obsession with reducing the quantity of the minor trace gas carbon dioxide in Earth’s atmosphere. They forget the main player by far in ‘greenhouse gases’ is known to be water vapour, so focus on CO2 is next to pointless anyway, even if current climate theory was credible.
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The Commission is launching today the first call for proposals under the Innovation Fund, one of the world’s largest programmes for the demonstration of innovative low-carbon technologies, financed by revenues from the auction of emission allowances from the EU’s Emissions Trading System.

The Innovation Fund will finance breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage, reports The European Sting.

It will provide a boost to the green recovery by creating local future-proof jobs, paving the way to climate neutrality and reinforcing European technological leadership on a global scale.

Executive Vice-President Frans Timmermans said:

“This call for proposals comes at just the right time. The EU will invest €1 billion in promising, market-ready projects such as clean hydrogen or other low-carbon solutions for energy-intensive industries like steel, cement and chemicals. We will also support energy storage, grid solutions, and carbon capture and storage. These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050.”

For the period 2020-2030, the Innovation Fund will allocate around €10 billion from the auctioning of allowances under the EU Emissions Trading System, in addition to undisbursed revenues from the Innovation Fund’s predecessor, the NER 300 programme.

The first call will provide grant funding of €1 billion to large-scale projects for clean technologies to help them overcome the risks linked to commercialisation and large-scale demonstration.

This support will help new technologies to reach the market.

Continued here.

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July 4, 2020 at 04:39AM

Author: uwe.roland.gross

Don`t worry there is no significant man- made global warming. The global warming scare is not driven by science but driven by politics. Al Gore and the UN are dead wrong on climate fears. The IPCC process is a perversion of science.