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The Commission presented an action plan to rapidly reduce the EU’s dependence on Russian fossil fuels and fast forward the green transition.
FREMONT, CA: The EU ETS Innovation Fund, as one of the world's largest funding programmes for the implementation of breakthrough low-carbon technologies, would play a crucial part in this initiative. It will be strengthened to promote and accelerate the industry's decarbonization. The Commission will increase funding to roughly three billion Euros for the next large-scale appeal, which is set to open this September. For that purpose, it conducted a poll to determine the current project pipeline. The findings will be used to assess the industry's interest in and readiness to apply for support under the Innovation Fund in specific theme areas, such as clean technology manufacturing and deep decarbonisation technology pilots.
The study is aimed at the industry, and it focuses on two areas:
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• Clean technology manufacturing: Projects aimed at developing revolutionary clean technology equipment (or components thereof) for manufacturing plants such as renewable energy technologies, fuel cells, electrolysers, electricity storage, and heat pumps are examples of clean technology manufacturing.
• Mid-size pilot projects for deep carbonisation technologies: Projects aimed at validating, testing, and optimising technology performance in relevant or operational situations on a smaller scale than required for commercial production. The goal would be to get over the chasm between concept-proofing and commercial-scale plants. Energy-intensive industries, carbon capture, utilisation, and storage applications, breakthrough renewable energy technologies, and energy storage are all eligible technologies for the Innovation Fund.
The Innovation Fund, which is funded by proceeds from the EU's Emissions Trading System's auction of emission allowances, is expected to generate roughly 38 billion Euros in revenue by 2030, depending on the carbon price. The Innovation Fund intends to provide the necessary financial incentives for businesses and governments to invest today in the next generation of low-carbon technology to help Europe achieve climate neutrality. The second small-scale request, with a budget of 100 million Euros, is now available until August 31 for projects in eligible industries with total capital costs of between 2.5 and 7.5 million Euros.
Cleantech encompasses a wide range of products, services, and procedures aimed at:
• Delivering higher results at a reduced cost, while
• Mitigating negative environmental impact.
• Improving the utilisation of natural resources productively and responsibly.
Current emission control systems for manufacturing units aim to limit pollution production and prevent it from reaching the atmosphere. These procedures necessitate a significant financial commitment and provide little economic benefit to the finished output. Entrepreneurs and scaleups are working on methods to turn pollutants into usable materials. These methods help to accelerate decarbonization because carbon dioxide is the principal pollutant. Carbon capture, biobased materials, and sustainable manufacturing are all priorities for manufacturing firms like the ones included in this research. While each of these technologies contributes significantly to the advancement of the manufacturing business, they are simply the tip of the iceberg.
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