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european-commission-commits-a-further-e3bn-of-funding-to-support-repowereu
european-commission-commits-a-further-e3bn-of-funding-to-support-repowereu

European Commission commits a further €3bn of funding to support REPowerEU

The European Commission today (November 3) revealed it is launching a third call for large-scale projects under the EU Innovation Fund, with a budget of €3bn ($2.9bn) to support the priorities in the REPowerEU Plan.

Set to fund projects under four categories; general decarbonisation; innovative electrification in industry and hydrogen; clean tech manufacturing; and mid-sized projects, the Commission hopes to provide additional support in a further bid to end the EU’s reliance on Russian fossil fuels.

Under general decarbonisation, €1bn has been set aside to fund projects in renewable energy, energy-intensive industries, energy storage or carbon capture, use and storage, as well as products substituting carbon-intensive alternatives such as low-carbon transport fuels.

In line with comments from the European Commission Executive Vice-President, Frans Timmermans at European Hydrogen Week, where he said, “Since Putin’s barbaric invasion of Ukraine, hydrogen also has to play a key role in our energy transition,” the Commission has designated €1bn for projects in electrification methods to replace fossil fuel use in industry, as well as renewable hydrogen production, or its uptake in industry.

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