The Innovation Fund is the EU fund for climate policy, and the world's largest fund for the the demonstration of innovative low-carbon technologies. It is an important financing tool to drive Europe’s transition towards climate neutrality while fostering the bloc’s competitiveness.
Currently, the Innovation Fund does not support enough renewable energy sources to meet demand. To date, around 64% of projects awarded are related to carbon capture and storage (CCS), and energy-intensive industries. Only 36% of the Innovation Fund projects are based on renewable energy and energy storage.
For this reason, the Innovation Fund should be split into two separate calls: one for carbon capture technologies and one for renewable technologies and storage.
Read our joint letter calling for the redesign of the Innovation Fund
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