The European Commission launched its first call for proposals under the Innovation Fund, one of the world’s largest programmes for the demonstration of innovative low-carbon technologies, financed by revenues from the auction of emission allowances from the EU’s Emissions Trading System and by undisbursed revenues from the Innovation Fund's predecessor (NER 300 Programme).
The Innovation Fund will finance breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage.
In April 2022, the Commission signed grant agreements of EUR 1.1 billion with seven large-scale projects via the EU Innovation Fund, funded by revenues from the EU's Emissions Trading System (ETS). In addition, European Commission launched the second call for small-scale projects. The call provides grant funding of EUR 100 million to small-scale projects, i.e. projects with a capital expenditure between EUR 2.5 and 7.5 million, in renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage.