EU allocates 2.9 billion euros to finance ETS innovations
The European Commission has announced grants of 2.9 billion euros for 61 zero decarbonization projects using the proceeds from the European Union's Emissions Trading System (ETS).
The Commission stated that these projects will reduce CO2 emissions by the equivalent of about 221 million tons in the first decade of its operation.
A total of 10 projects were selected for large-scale decarbonization grants totaling 1.26 billion euros, five cement and lime production projects, three oil refining projects, one chemicals project, and one projected carbon capture and storage (CCS) infrastructure facility. Another 19 medium-scale projects with capital expenditures ranging from 20 to 100 million euros received a total of 459 million euros.
Financing for the production of environmentally friendly technologies was also allocated for 12 projects in the field of renewable energy sources, energy storage, heat pumps and hydrogen production with a total budget of 775 million euros. And 23 projects received 1 billion. euros for decarbonization of transport, including 10 projects for the production of environmentally friendly fuels, of which 153 million euros for four projects for the production of environmentally friendly aviation fuel, 251 million euros for three offshore projects for the production of electronic methanol and 78 million euros for the production of electronic ethanol, biodiesel and liquefied natural gas.
To date, we have received more than 270 projects totaling 15.6 billion euros under the innovation fund. The next call is expected in December.