EU to invest €1B in clean technology projects

The European Commission announced on Friday that the application process for the Innovation Fund, meant to aid clean energy projects and worth €1 billion, has been opened.

Eligible for the first call are market-ready projects in clean hydrogen production, carbon-reductions, carbon capture, and energy storage. The deadline for applications is October 29, 2020. The EU plans to invest €10 billion in the 2020-2030 period.

"These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050," the European Commission's Executive Vice-President Frans Timmermans (pictured) said.