EU Awards €4.8 Billion to 85 Net-Zero Projects, Including 11 from Italy
Eighty-five winning projects selected from the 2023 call for proposals will receive funding through profits generated by the Emissions Trading Scheme (ETS). According to the European Commission, they will reduce emissions by about 476 million tons of CO2 equivalent in the first 10 years of operation.
Brussels – The European Commission announced today that it has selected 85 innovative net-zero projects to receive €4.8 billion in grants from the Innovation Fund, a financial tool that reinvests profits from the EU’s Emissions Trading Scheme (ETS). Of the chosen projects, 11 are Italian-led.
This round of funding, the largest since the Innovation Fund was launched in 2020, aims to mobilize €40 billion by the end of the decade, with €12 billion allocated so far. For the first time, projects of all sizes—large, medium, small, and pilot—are receiving grants, with a special focus on cleantech manufacturing. The projects span sectors such as energy-intensive industries, renewable energy, energy storage, carbon management, and zero-emission mobility.
“We are proud to support 85 innovative net-zero projects in 18 European countries,” European Commission President Ursula von der Leyen shared on X (formerly Twitter). The winning projects are from Belgium, Denmark, Germany, Greece, Spain, Italy, and other EU countries. These projects are expected to be operational by 2030 and, within their first ten years, are forecast to cut emissions by approximately 476 million tons of CO2.
The EU stressed the importance of these projects in achieving its 2050 climate neutrality goals, enhancing European industrial production, and strengthening the region’s technological leadership and supply chain resilience.
The projects were evaluated based on their greenhouse gas reduction potential, degree of innovation, and replicability, among other criteria. Among the 11 Italian projects, Herambiente Spa and Marcegaglia Ravenna Spa will build carbon capture and storage plants in Emilia, while Enel will construct an integrated battery energy storage system. Other notable winners include Compagnie Du Ponant, which will build a hybrid passenger cruise ship, and Vision2H SpA, Italy FUTURASUN SRL, and Ferriera Valsabbia SpA.
Date: October 23, 2024
