Innovation Fund: EUR 1.1 billion for climate-saving projects
From CO2 capture to green hydrogen
(Sustainabilityenvironment.com) – Reduce climate-altering emissions, strengthen the position of European industry within the ecological transition and support economic development and employment. These are the objectives of the Innovation Fund, the Community instrument created to stimulate the next generation of low-carbon technologies. Fuelled by revenues from the EU carbon market (ETS), the fund is ready to provide the first resources.
Yesterday, in fact, the European Commission signed grant agreements for investing in innovation fund for EUR 1.1 billion with a series of large-scale projects: seven high-innovation initiatives aimed at bringing revolutionary technologies to the EU market in energy-intensive industries, in hydrogen and renewable energy. Including the first European factory of double-sided modules. “This is – said Executive Vice President for the European Green Deal, Frans Timmermans – a smart investment in decarbonization and resilience of our economy; strengthens the position of European industry as a global leader in clean technologies, creates local jobs and helps accelerate our green transition”.
7 projects financed by the Innovation Fund
Kairos@C: Located in the port of Antwerp (Belgium), the project aims to build the first and largest cross-border value chain for CO2 capture, liquefaction, transport and storage. Kairos@C will enable the implementation of several pioneering technologies that together have the potential to avoid the emission into the atmosphere of 14 Mt of co2eq in its first ten years of operation.
Beccs Stockholm: Located in Stockholm (Sweden), the project aims to create a large-scale structure for the capture and storage of “bioenergetic” carbon at the capital’s biomass thermoelectric plant. By combining CO2 capture with heat recovery, the initiative will avoid 7.83 Mt of co2eq emissions during its first ten years of operation.
Hybrit Demonstration: Located in Oxelösund and Gällivare (Sweden), the Hydrogen Breakthrough Ironmaking Technology Demonstration project aims to revolutionize the European steel industry. In detail, it will replace fossil-based technologies with climate-neutral alternatives such as the production and use of green hydrogen. The project has the potential to avoid the emission of 14.3 Mt of co2eq in its first ten years of operation.
Ecoplanta: Located in El Morell (Spain), Ecoplanta will build a commercial plant for the production of methanol using non-recyclable waste. The structure will produce 237 kt/year of alcohol avoiding the emission of 3.4 Mt of co2eq in the first ten years of activity.
K6 program: Located in Lumbres (France), the K6 program aims to produce the first zero-emission cement in Europe. The project will implement a unique combination on an industrial scale: an airtight furnace together with cryogenic carbon capture technology. This will result in the elimination of 8.1 Mt of co2eq emissions in the first ten years of operation.
TANGO: Located in Catania (Italy) the project will develop a pilot line on an industrial scale for the production of innovative and high-performance photovoltaic modules.
SHARC: Located at the refinery in Porvoo (Finland), the Sustainable Hydrogen and Recovery of Carbon project will reduce greenhouse gas emissions by moving away from the production of hydrogen from fossil fuels to the production of blue-green hydrogen. In the first ten years of activity, the SHARC project will avoid the emission of more than 4 Mt of co2eq.