As Commission heads to Baku for COP29, the EU’s €40B clean tech Innovation Fund reports rising funding rounds – and increasing interest
Photo credits: COP29 / United Nations
As the 29th UN Climate Change conference kicks off this week in Baku, Azerbaijan, the EU’s is funding for clean technology research, innovation and roll out are gathering momentum.
Last month, the Innovation Fund for net-zero clean technologies awarded €4.8 billion in grants to 85 projects in 18 countries. This was the fund’s largest grant round since it started in 2020. The aim is to cut emissions by about 476 million tonnes of CO2 equivalent.
This latest call is the first one to hand out ‘STEP seals’ to projects that received an excellent score but did not get funded. The seals aim to incentivise EU member states to fund the projects with their own national budgets.
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