The European Commission (EC) is seeking proposals for innovative clean technology projects, under the first phase of €10bn investment programme, Innovation Fund.

The Commission plans to allocate the investment, which will financed by revenues from the auction of emission allowances from the EU’s Emissions Trading System, between 2020 and 2030.

The first phase of the Innovation Fund will finance €1bn to the innovative low-carbon technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage.

European Commission executive vice-president Frans Timmermans said: “The EU will invest €1 billion in promising, market-ready projects such as clean hydrogen or other low-carbon solutions for energy-intensive industries like steel, cement and chemicals.

“We will also support energy storage, grid solutions, and carbon capture and storage. These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050.”

In addition to creating future-proof jobs, the shortlisted projects are expected to help pave the way to climate neutrality.

EC’s invitation open for projects from all EU Member States, Iceland and Norway

The call is open for large-scale projects for clean technologies from all EU Member States, Iceland and Norway.

The commission said that the financing will help the projects to commercialise and overcome the large-scale demonstrations challenges.

However, the projects are planned to be assessed based on their potential to avoid greenhouse gas emission, financial and technical maturity, innovation potential, and cost-efficiency.

In a press statement, the EC said: “For promising projects which are not yet ready for market, a separate budget of €8 million is set aside for project development assistance.”

In May 2020, the EC has announced a lending plan to boost the clean energy investments through the Just Transition Fund, as part of the region’s wider post-coronavirus stimulus package.