Two European hydrogen projects to be boosted by €1.1bn Innovation Fund

Two European hydrogen projects to be boosted by €1.1bn Innovation Fund

The European Commission has said it will support two breakthrough hydrogen projects as part of a newly announced €1.1bn ($1.2bn) Innovation Fund that aims to decarbonise energy-intensive industries.

Focusing on technologies such as hydrogen, carbon capture, use and storage and renewable energy, the projects each convinced independent experts that they can more successfully reduce greenhouse gas emissions compared to conventional technologies used today.

Sweden is home to the first hydrogen project selected to benefit from the funds. Through using renewable hydrogen in Gällivare and Oxelösund, the project hopes to eliminate carbon emissions from steel production.

The second selected hydrogen project selected is based in Finland and will demonstrate two ways of producing clean hydrogen at a refinery in Provoo, through renewable energy and capturing carbon dioxide and permanently storing it in the North Sea.

Frans Timmermans, Executive Vice-President of the European Commission, said, “Innovation is crucial to provide the solutions we need this decade to keep 1.5 degrees within reach. Together with sharp emissions reductions, innovation gives us a path towards to the Paris Agreement.

“Today’s decision gives concrete support to clean tech projects across Europe and enables them to scale up game-changing technologies that support the speed up the transition to climate neutrality.

“Our Fit for 55 package proposes to increase the Innovation Fund so that even more innovative European projects and ideas can jump ahead in the global climate innovation race.”

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