According to the Paris agreement Europe has an objective to become a climate-neutral continent by 2050. As a task, this is quite a difficult one. Europe has decided in general to start applying a climate-neutral strategy to be able to deliver this promise.
One of the key funding instruments for delivering this economy-wide commitment is the Innovation fund. Upon doing some research you will find out that the Innovation fund is one of the world’s largest funding programmes for the demonstration of innovative low carbon technologies.
The Innovation fund is a very attractive programme and it does attract a lot of attention from organisations or European as well as global levels. If you wish to become a part of the Innovation fund programme, here are a few things you will need to know about what the program will contain.
The Innovation Fund will:
- Help create the right financial incentives for projects to invest now in the next generation of technologies needed for the EU’s low-carbon transition.
- Boost growth and competitiveness by empowering EU companies with a first-mover advantage to become global technology leaders.
- Support innovative low-carbon technologies in all Member States in taking off and reaching the market.
These three golds are fairly easy to understand. Based on the program’s priorities we noticed that they are quite plausible to be achieved. The Innovation fund will focus on:
- Innovative low-carbon technologies and processes in energy-intensive industries, including products substituting carbon-intensive ones.
- Carbon capture and utilisation (CCU).
- Construction and operation of carbon capture and storage (CCS).
- Innovative renewable energy generation.
- Energy storage.
Here is a map of the latest information regarding the calls and the Innovation fund programme:
July 3, 2020: first Innovation fund call for large-scale projects published on July 3, 2020, submission deadline of the first stage: October 29, 2020
At the time this is the only available call on the programme’s official website.
Why is the Innovation fund so important?
Over the past few years, we have noticed that the damage to the environment has increased a lot. High carbon technologies play a very important role in this mishap. The Paris agreement came as a solution to the problem. The Innovation fund is proof that the European Union is willing to allocate budget to become more environmentally friendly. Through the Innovation fund, we are going to be entering a new era.
At the time it is reasonable to assume that the perks of the Innovation fund in terms of employment, growth, and competitiveness might not be completely invisible. According to statistics, however, environmentally friendly countries do appear to have the financial stability that every single European country needs.
The Innovation fund will introduce new technologies, will allow young people to create new types of businesses, and will act as a catalytic factor in saving the environment.
We cannot yet know if the Innovation fund is the first in a series of many funding programs that will follow and will focus on utilising new energy sources to create a Europe much more environmentally friendly. Assuming that the European Commission will increase the efforts towards becoming green we are certain that more can be expected.
To learn more about the Innovation fund as well as all the other potential funding opportunities by the European Union and to gain access to all the latest calls, stay tuned with the EUcalls platform. With our updated database, our new innovative features, and our massive network, finding the right calls and partners in shaping an idea for a project will never be easier.
